Texas Administrative Code
Title 28 - INSURANCE
Part 1 - TEXAS DEPARTMENT OF INSURANCE
Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES
Subchapter CC - STANDARDS FOR ACCELERATION-OF-LIFE-INSURANCE BENEFITS FOR INDIVIDUAL AND GROUP POLICIES AND RIDERS
Section 3.4301 - Purpose; Severability
Universal Citation: 28 TX Admin Code § 3.4301
Current through Reg. 50, No. 13; March 28, 2025
(a) The commissioner enacts this subchapter to:
(1)
Expand the circumstances under which insurers can offer
acceleration-of-life-insurance benefits, thus enhancing financial choices for
insureds facing terminal or life-threatening illnesses or conditions;
(2) Implement revised statutory requirements
for certain group and individual life insurance contracts
(3) Set uniform standards for offering
acceleration-of-life-insurance benefits that will be applicable to all group
and individual life insurance plans, creating a level playing field for
insurers and key protections for consumers;
(4) Allow insurers, with proper disclosures,
to offer benefits that will qualify for favorable tax treatment under federal
law, as well as benefits that may not qualify for favorable tax treatment, but
that are available to a broader class of insureds; and
(5) Ensure that
acceleration-of-life-insurance benefit provisions that fund long-term care
expenses conform basic definitions and eligibility triggers to those in rules
setting minimum standards for long-term care insurance contracts.
(b) If a court of competent jurisdiction holds that any provision of this subchapter is inconsistent with any statutes of this state, is unconstitutional or for any other reason is invalid, the remaining provisions shall remain in full effect. If a court of competent jurisdiction holds that the application of any provision of this subchapter to particular persons, or in particular circumstances, is inconsistent with any statutes of this state, is unconstitutional or for any other reason is invalid, the provision shall remain in full effect as to other persons or circumstances.
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