Texas Insurance Code 425.077 – Single State Exemption
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Terms Used In Texas Insurance Code 425.077
- Company: means an entity that:
(A) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in this state and has at least one such policy in force or on claim; or
(B) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in this state. See Texas Insurance Code 425.052 - in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- Reserves: means reserve liabilities. See Texas Insurance Code 425.052
- Rule: includes regulation. See Texas Government Code 311.005
- Valuation manual: means the manual of valuation instructions adopted by the commissioner by rule. See Texas Insurance Code 425.052
The commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in this state from the requirements of § 425.073 if:
(1) the commissioner has issued an exemption in writing to the company and has not subsequently revoked the exemption in writing; and
(2) the company computes reserves using assumptions and methods used before the operative date of the valuation manual in addition to any requirements established by the commissioner and adopted by rule.