Tex. Insurance Code § 1114.005
This is the official text of Tex. Insurance Code § 1114.005, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 1114.005. FINANCED PURCHASE.
Official statutory text
(a) If a withdrawal, surrender, or borrowing involving the policy values of an existing policy is used to pay premiums on a new policy that is owned by the same policyholder and is issued by the same insurer not earlier than four months before the effective date of the new policy or 13 months after the effective date of the new policy, it is deemed prima facie evidence of the policyholder's intent to finance the purchase of the new policy with existing policy values.
(b) Subsection (a) applies only to regulatory review of an individual transaction.
(c) The prima facie standard under Subsection (a) is not intended to increase or decrease the monitoring obligations contained in Section 1114.052(g).
(b) Subsection (a) applies only to regulatory review of an individual transaction.
(c) The prima facie standard under Subsection (a) is not intended to increase or decrease the monitoring obligations contained in Section 1114.052(g).
Status: in_force · Read it on the official government site
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