Statutes, codes, and regulations
Texas Administrative Code
Title 28 - INSURANCEPart 1 - TEXAS DEPARTMENT OF INSURANCEChapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIESSubchapter FF - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE
Division 10 - RESPONSIBILITIES AND OBLIGATIONS OF INSURANCE COMPANIES AND THEIR AGENTS AND REPRESENTATIVES
Section 3.6003 - Restrictions on Interest of Creditors under Group and Individual Policies

28 Tex. Admin. Code § 3.6003

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Current through Reg. 49, No. 25; June 21, 2024
Section 3.6003 - Restrictions on Interest of Creditors under Group and Individual Policies

No group policy may be issued to other than a bona fide creditor. No first beneficiary may be designated except a creditor. No creditor may be designated as owner of the individual policy, nor have any rights thereunder other than that of first beneficiary except as specifically authorized by law.

28 Tex. Admin. Code § 3.6003

The provisions of this §3.6003 adopted to be effective October 1, 1980, 5 TexReg 2772.