Texas Insurance Code 1115.0507 – Insurer Obligations
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(a) Notwithstanding Section 1115.0506, an insurer’s issuance of an annuity must be reasonable under the circumstances known to the insurer at the time the annuity is issued.
(b) If there is no agent involved in an annuity transaction, the obligations described in this subchapter apply to the insurer that recommends or sells the annuity in the same way those obligations would apply to an agent.
Terms Used In Texas Insurance Code 1115.0507
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.