Texas Insurance Code 1107.002 – Exemptions
(a) This chapter does not apply to:
(1) a reinsurance contract;
(2) a group annuity contract that is purchased under a retirement plan or plan of deferred compensation established or maintained by an employer, including a partnership or sole proprietorship, by an employee organization, or by both, other than a plan that provides individual retirement accounts or individual retirement annuities under Section 408, Internal Revenue Code of 1986, as amended;
(3) a premium deposit fund;
(4) a variable annuity contract;
(5) an investment annuity contract;
(6) an immediate annuity contract;
(7) a deferred annuity contract under which annuity payments have begun;
(8) a reversionary annuity contract; or
(9) a contingent deferred annuity contract as defined by Section 1116.003.
(b) This chapter does not apply to a contract delivered outside this state through an agent or other representative of the company that issues the contract.
Terms Used In Texas Insurance Code 1107.002
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.