Texas SB1823 amends the Insurance Code to regulate the replacement transactions of life insurance and annuity contracts.
Texas SB1823 amends the Insurance Code to introduce new requirements for insurers handling replacement transactions of life insurance and annuity contracts. The bill mandates that insurers pay interest on unpaid amounts at an annual rate of 18 percent from the 31st day until full payment is made. It also requires insurers to send notices to policy owners about the potential impact of releasing policy values on guaranteed and nonguaranteed elements, face amount, or surrender value.
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