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 3.304 - Summary of Provisions
Universal Citation: 28 TX Admin Code § 3.304
Current through Reg. 50, No. 13; March 28, 2025
(a) Upon application for an indeterminate premium reduction policy or group certificate, a separate form containing a summary which adequately describes the contractual premium provisions must be signed by the applicant and submitted to the insurer in conjunction with the application. A portion of the summary must include the following information:
(1) the fact that the
premium might be changed in the policy;
(2) the frequency of the possible
changes;
(3) the fact that the
nonguaranteed premium (if used in solicitation or advertising) is not
guaranteed but the full maximum could be charged; and
(4) for participating policies, a statement
that dividends are only payable if declared by the insurer. If it is not likely
that dividends will be paid, a statement to that effect must be
included.
(b) The summary required by these sections must be kept with a copy of the application subsequent to its receipt by the insurer and maintained in the insurer's files during the existence of the contract.
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