Texas Insurance Code 1107.006 – Maturity Date
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Insurance Code 1107.006
- 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.
In determining the value of benefits under Sections 1107.102, 1107.103, and 1107.104, the maturity date is the latest date on which an election is permitted by the contract, but not later than the later of:
(1) the next anniversary of the annuity contract that follows the annuitant’s 70th birthday; or
(2) the 10th anniversary of the contract.