Texas Insurance Code 1576.004 – Premiums
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(a) The trustee shall determine the procedures by which each program participant pays premiums and any other program costs. Each participant is responsible for required payments.
(b) The trustee may authorize any payment method appropriate for the program, including a payment method under which:
(1) a participating employee is required to pay premiums by payroll deduction remitted by the employee’s employer at the times and in the manner determined by the trustee;
(2) a participating retiree is required to pay premiums by deduction from the retiree’s monthly annuity; or
(3) a carrier with which the trustee has contracted under Section 1576.003 bills a program participant directly.
Terms Used In Texas Insurance Code 1576.004
- 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.
- Trustee: A person or institution holding and administering property in trust.