Texas Insurance Code 1131.703 – Insurance for Liabilities Related to Fringe Benefits
Current as of: 2024 | Check for updates
|
Other versions
(a) Notwithstanding any other law, an employer may insure the lives of the employer’s officers, directors, employees, and retired employees under Section 1131.064 to and in an amount necessary to provide funds to offset liabilities related to fringe benefits.
(b) An employer shall submit evidence of the purpose of the policy to the commissioner.
Terms Used In Texas Insurance Code 1131.703
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(c) A policy issued for the purpose described by this section does not reduce any other life insurance benefits offered or provided by the employer.