Texas Administrative Code
Title 28 - INSURANCE
Part 1 - TEXAS DEPARTMENT OF INSURANCE
Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES
Subchapter K - MAXIMUM GUARANTEED INTEREST RATES FOR ANNUITIES, PURE ENDOWMENT CONTRACTS, AND MISCELLANEOUS FUNDS
Section 3.1002 - Purpose
Universal Citation: 28 TX Admin Code § 3.1002
Current through Reg. 50, No. 13; March 28, 2025
It is the purpose of this subchapter:
(1) to encourage a company's awareness that imprudent guarantees on annuity contracts and miscellaneous funds may lead to a hazardous financial condition, and to call attention of the fact that the commissioner of insurance may wish to make use of the early warning system;
(2) to provide for proper disclosure of benefits provided by annuity contracts and miscellaneous funds; and
(3) to clarify the interpretation of Insurance Code Chapter 425, Subchapter B, as it relates to the computation of reserves for annuity contracts and miscellaneous funds.
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