Texas Administrative Code
Title 28 - INSURANCE
Part 1 - TEXAS DEPARTMENT OF INSURANCE
Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES
Subchapter PP - ANNUITY DISCLOSURES
Division 1 - ANNUITY CONTRACT DISCLOSURES
Section 3.9704 - Definitions
Universal Citation: 28 TX Admin Code § 3.9704
Current through Reg. 50, No. 13; March 28, 2025
(a) Words and terms defined in the Insurance Code Chapter 102 shall have the same meaning when used in this subchapter.
(b) The following words and terms, when used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise.
(1) Agent--An individual who holds a license
under the Insurance Code Chapter 4054 and who sells, solicits, or negotiates
annuities in this state.
(2)
Buyer's guide--A document specified as a buyer's guide and adopted by the
National Association of Insurance Commissioners (NAIC) to be used in
implementation of the NAIC Annuity Disclosure Model Regulation.
(3) Contract owner--The owner named in the
annuity contract or, in the case of a group annuity contract, the certificate
holder.
(4) Disclosure document--A
document intended for consumers that provides information regarding the
features and restrictions of a specific annuity product and that satisfies the
requirements of §
3.9709 of this subchapter
(relating to Disclosure Document).
(5) Funding agreement--An agreement for an
insurer to accept and accumulate funds and to make one or more payments at
future dates in amounts that are not based on mortality or morbidity
contingencies.
(6) Generic name--A
short title descriptive of the annuity contract being illustrated or for which
an applicant is applying, such as "single premium deferred annuity."
(7) Structured settlement annuity--A
"qualified funding asset," as defined by the Internal Revenue Code of 1986
§130(d), or an annuity that would be a qualified funding asset but for the
fact that the annuity is not owned by an assignee under a qualified
assignment.
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