Texas Insurance Code 463.202 – Policies and Contracts Covered
(a) Except as limited by this chapter, the coverage provided by this chapter to a person specified by Section 463.201, subject to Sections 463.201(b) and (c), applies with respect to the following policies and contracts issued by a member insurer:
(1) a direct, nongroup life, health, accident, annuity, or supplemental policy or contract, including a health maintenance organization contract or certificate;
(2) a certificate under a direct group policy or contract;
(3) a group hospital service contract; and
(4) an unallocated annuity contract.
(b) The coverage provided by this chapter also applies with respect to all other insurance coverage written by the following entities authorized to engage in business in this state:
(1) a mutual assessment company;
(2) a local mutual aid association;
(3) a statewide mutual assessment company; and
(4) a stipulated premium company.
Terms Used In Texas Insurance Code 463.202
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) For the purposes of this section, an annuity contract or a certificate under a group annuity contract includes:
(1) a guaranteed investment contract;
(2) a deposit administration contract;
(3) an allocated or unallocated funding agreement;
(4) a structured settlement annuity;
(5) an annuity issued to or in connection with a government lottery; and
(6) an immediate or deferred annuity contract.