28 Tex. Admin. Code § 3.123 - Assignment Provisions

There is no prohibition against a provision which permits the assignment of the policy benefits or proceeds. However, policies which make provision for dividends, coupon accumulations, or other guaranteed returns, and which also contain provision for the assignment of these funds to a third party for the purpose of establishing an investment for the policyholder are prohibited.

Notes

28 Tex. Admin. Code § 3.123

The provisions of this §3.123 adopted to be effective January 1, 1976; amended to be effective September 20, 1982, 7 TexReg 3244.