28 Tex. Admin. Code § 3.122

Current through Reg. 49, No. 45; November 8, 2024

Section 3.122 - Tontine Provisions

Any life insurance policy which is a tontine policy or which contains a tontine provision will be disapproved. Provisions by which dividends during the participating period are not allocated or paid annually are prohibited as being within the tontine principle unless the policyholder acquires, on termination of the policy, a vested interest in the dividends which have accrued.

The provisions of this §3.122 adopted to be effective January 1, 1976; amended to be effective September 20, 1982, 7 TexReg 3244.