Texas Insurance Code 1551.058 – Electronic Authorizations
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(a) The board of trustees may develop a system for a participant to electronically authorize:
(1) enrollment in a coverage or benefit;
(2) contributions to a coverage or benefit; and
(3) deductions or reductions to the participant’s compensation or annuity for participation in a coverage or benefit.
(b) Notwithstanding any other law, the board of trustees may permit or require an authorization covered by Subsection (a) to be made electronically.
Terms Used In Texas Insurance Code 1551.058
- 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.