Texas Insurance Code 1111A.015 – Authority to Adopt Rules
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(a) The commissioner may adopt rules implementing this chapter and regulating the activities and relationships of providers, brokers, insurers, and their authorized representatives.
(b) The commissioner may not adopt a rule establishing a price or fee for the sale or purchase of a life settlement contract. This subsection does not prohibit the commissioner from adopting a rule relating to an unjust price or fee for the sale or purchase of a life settlement contract.
Terms Used In Texas Insurance Code 1111A.015
- Contract: A legal written agreement that becomes binding when signed.
- Rule: includes regulation. See Texas Government Code 311.005
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(c) The commissioner may not adopt a rule that regulates the actions of an investor providing money to a life or viatical settlement company.