Tex. Insurance Code § 1107.054
This is the official text of Tex. Insurance Code § 1107.054, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 1107.054. CONTRACT WITH SINGLE CONSIDERATION.
Official statutory text
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.
(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.
Status: in_force · Read it on the official government site
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