Tex. Ins. Code § 1107.054

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 1107.054 - Contract With Single Consideration

For an annuity contract that provides for the payment of a single consideration, the minimum nonforfeiture amount is computed in the same manner as the minimum nonforfeiture amount for a contract with flexible considerations, except that:

(1) the net consideration amount to be used to compute the minimum nonforfeiture amount is the amount of the gross considerations paid under the contract less a contract charge of $75; and

(2) the percentage of the net consideration amount to be used to compute the minimum nonforfeiture amount is 90 percent.

Tex. Ins. Code § 1107.054

Amended by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. 6/20/2003.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. 6/1/2003.