Texas Administrative Code
Title 28 - INSURANCE
Part 1 - TEXAS DEPARTMENT OF INSURANCE
Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES
Subchapter D - INDETERMINATE PREMIUM REDUCTION POLICIES
Section 3.302 - Policy Form Submission
Universal Citation: 28 TX Admin Code § 3.302
Current through Reg. 50, No. 13; March 28, 2025
(a) No indeterminate premium reduction policy may be approved for use in Texas unless the insurer files with the Texas Department of Insurance in conjunction with such indeterminate premium reduction policy a statement:
(1) that, to the best of its knowledge and
belief, the policy submitted is in compliance with this subchapter;
(2) that advertising and solicitation will be
in compliance with this subchapter;
(3) that any premium redetermination will not
reflect a distribution of company surplus nor a return of previously collected
premiums; and
(4) that any
nonguaranteed premium rates used to market the policy are lower than rates
which the insurer is willing to guarantee in a fixed premium policy with the
same or similar benefits for insureds of essentially the same class of
risk.
(b) A nonguaranteed premium means any charge for insurance, including any percentage deviation from a maximum charge, that an insurer or insurance agent mentions or illustrates as a possible charge for coverage other than the maximum guaranteed premium specified in the policy.
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