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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 B. GROUP LIFE INSURANCE |
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Chapter 1131. GROUP LIFE INSURANCE AND WHOLESALE, FRANCHISE, OR EMPLOYEE LIFE INSURANCE |
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Subchapter B. GROUP AND WHOLESALE, FRANCHISE, OR EMPLOYEE LIFE INSURANCE: ELIGIBLE POLICYHOLDERS |
Sec. 1131.064. OTHER GROUPS
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(a) A group life insurance policy may be issued to cover a group other than a group described by Sections 1131.051-1131.060 if the commissioner finds that:
(1) the issuance of the policy is not contrary to the best interest of the public;
(2) the issuance of the policy would result in economies of acquisition or administration; and
(3) the benefits are reasonable in relation to the premiums charged.
(b) Group life insurance coverage may not be offered under this section in this state by an insurer under a policy issued in another state unless this state or another state having requirements substantially similar to those prescribed by Subsections (a)(1)-(3) has determined that those requirements have been met.
(c) A policy to which this section applies is subject to Subchapter O.