Texas Administrative Code
Title 28 - INSURANCE
Part 1 - TEXAS DEPARTMENT OF INSURANCE
Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES
Subchapter B - INDIVIDUAL LIFE INSURANCE POLICY FORM CHECKLIST AND AFFIRMATIVE REQUIREMENTS
Section 3.101 - Payment of Premiums

Universal Citation: 28 TX Admin Code § 3.101

Current through Reg. 50, No. 13; March 28, 2025

(a) The policy must provide that premiums are payable in advance. The policy may provide that the premium is payable at the home office; it may provide that the premium is payable to an agent of the company; or it may provide that the premium is payable at the home office of the company or to an agent of the company.

(b) The policy must provide that a receipt signed by one or more of the officers of the company will be delivered upon payment of the premium. The policy must designate the officers who may sign the receipt. Any manner of "designation" is acceptable if it will enable the policyholder to determine that his receipt has been signed by an authorized person.

(c) A policy which permits a change in the manner of payment of premium (e.g., from annual to semiannual, quarterly, etc.):

(1) may either specify the amount of premiums required for the periods authorized or the formula for the determination of such premiums; or

(2) may define the amounts by appropriate reference to rates being charged at the date of issue.

(d) The policy may provide that any unpaid premiums or installments thereof to the end of the current policy year shall be deducted from the proceeds payable on death.

Disclaimer: These regulations may not be the most recent version. Texas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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