Tex. Ins. Code § 1103.056

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

Section 1103.056 - Purchase of or Application for Policy By Third Party

An individual of legal age may in a single written document:

(1) consent to the purchase of or application for an individual or group life insurance policy by a third party; and

(2) designate or consent to the designation of any individual, partnership, association, corporation, or other legal entity as:

(A) a beneficiary of the policy;

(B) an absolute or partial owner of the policy; or

(C) both a beneficiary and an absolute or partial owner of the policy.

Tex. Ins. Code § 1103.056

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