Tex. Insurance Code § 1131.006
This is the official text of Tex. Insurance Code § 1131.006, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 1131.006. ASSIGNMENT OF BENEFITS.
Official statutory text
(a) Subject to the terms of a group life insurance policy, an insured under the policy may make to any individual, firm, corporation, association, trust, or other legal entity, other than the insured's employer, an absolute or collateral assignment of all rights and benefits conferred on the insured by the policy or by Subchapter C.
(b) Subsection (a) applies without regard to the date a policy is issued.
(c) Subject to the terms of the policy, an assignment by an insured before September 1, 1969, is valid for the purpose of vesting in the assignee all assigned rights and privileges but without prejudice to the insurer because of any payment the insurer makes or individual policy the insurer issues before receiving notice of the assignment.
(b) Subsection (a) applies without regard to the date a policy is issued.
(c) Subject to the terms of the policy, an assignment by an insured before September 1, 1969, is valid for the purpose of vesting in the assignee all assigned rights and privileges but without prejudice to the insurer because of any payment the insurer makes or individual policy the insurer issues before receiving notice of the assignment.
Status: in_force · Read it on the official government site
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