Section 3.702 - DefinitionsThe following words and terms, when used in this subchapter, have the following meanings, unless the context clearly indicates otherwise.
(1) Agent--Any person, corporation, partnership, or other legal entity which is licensed as a life insurance agent.(2) Commissioner--The commissioner of insurance of this state.(3) Flexible premium contract--Any variable annuity contract other than a scheduled premium variable annuity contract.(4) General account--All assets of the insurer other than assets in separate accounts established pursuant to Insurance Code Chapter 1152, or pursuant to the corresponding section of the insurance laws of the state of domicile of a foreign or alien insurer, whether or not for variable annuities. (5) Net investment return--The rate of investment return to be credited to the variable annuity contract in accordance with the terms of the contract after deductions for tax charges, if any, and for asset charges either at a rate not in excess of that stated in the contract, or in the case of a contract issued by a nonprofit corporation under which the contractholder participates fully in the investment, mortality, and expense experience of the account, in an amount not in excess of the actual expense not offset by other deductions. The net investment return to be credited to a contract must be determined at least monthly.(6) Scheduled premium contract--Any variable contract under which both the timing and amount of premium payments are fixed.(7) Separate account--A separate account established pursuant to Insurance Code Chapter 1152, or pursuant to the corresponding section of the insurance laws of the state of domicile of a foreign or alien insurer. (8) Variable annuity contract--Any individual annuity contract or group annuity contract or certificate issued in connection with a group annuity master contract which provides for benefits which vary according to the investment experience of a separate account established and maintained by the insurer as to such contract, pursuant to Insurance Code Chapter 1152. Annuity benefits may be payable in fixed or variable amounts or both.28 Tex. Admin. Code § 3.702
The provisions of this §3.702 adopted to be effective February 5, 1985, 10 TexReg 250; Amended by Texas Register, Volume 47, Number 18, May 6, 2022, TexReg 2760, eff. 5/11/2022