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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 7. LIFE INSURANCE AND ANNUITIES |
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Subtitle A. LIFE INSURANCE IN GENERAL |
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Chapter 1116. REQUIRED PROVISIONS FOR ANNUITY CONTRACT |
Sec. 1116.002. RESCISSION PERIOD REQUIRED
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(a) A fixed annuity contract must provide that, for a period of at least 20 days after the date the contract is delivered, the purchaser may rescind the contract and receive an unconditional refund of premiums paid for the contract, including any contract fees or charges.
(b) Except as provided by Subsection (c), a variable or modified guaranteed annuity contract must provide that, for a period of at least 20 days after the date the contract is delivered, the purchaser may rescind the contract and receive an unconditional refund that is equal to the cash surrender value provided in the contract plus any fees or charges deducted from the premiums or imposed under the contract.
(c) Subsection (b) does not apply to an annuity contract if the prospective owner is an accredited investor, as defined by 17 C.F.R. Section 230.501(a) as adopted by the United States Securities and Exchange Commission.