Tex. Ins. Code § 1131.005

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 1131.005 - Guaranteeing Issuance of Life Insurance Policy Without Evidence of Insurability

(a) In this section, "qualified pension or profit-sharing plan" means a plan that meets the requirements of:

(1) Section 401 or 403, Internal Revenue Code of 1986, and their subsequent amendments; or

(2) any corresponding provisions of prior or subsequent United States revenue laws.

(b) This code does not prohibit a life insurance company authorized to engage in the business of insurance in this state from guaranteeing to issue individual life insurance policies insuring participants in a qualified pension or profit-sharing plan on other than the term plan without evidence of insurability.

Tex. Ins. Code § 1131.005

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. 6/1/2003.