28 Tex. Admin. Code § 3.702 - Definitions
The following words and terms, when used in this subchapter, have the following meanings, unless the context clearly indicates otherwise.
(1) Agent--Any person,
corporation, partnership, or other legal entity which is licensed as a life
insurance agent.
(2)
Commissioner--The commissioner of insurance of this state.
(3) Flexible premium contract--Any variable
annuity contract other than a scheduled premium variable annuity
contract.
(4) General account--All
assets of the insurer other than assets in separate accounts established
pursuant to Insurance Code Chapter 1152, or pursuant to the corresponding
section of the insurance laws of the state of domicile of a foreign or alien
insurer, whether or not for variable annuities.
(5) Net investment return--The rate of
investment return to be credited to the variable annuity contract in accordance
with the terms of the contract after deductions for tax charges, if any, and
for asset charges either at a rate not in excess of that stated in the
contract, or in the case of a contract issued by a nonprofit corporation under
which the contractholder participates fully in the investment, mortality, and
expense experience of the account, in an amount not in excess of the actual
expense not offset by other deductions. The net investment return to be
credited to a contract must be determined at least monthly.
(6) Scheduled premium contract--Any variable
contract under which both the timing and amount of premium payments are
fixed.
(7) Separate account--A
separate account established pursuant to Insurance Code Chapter 1152, or
pursuant to the corresponding section of the insurance laws of the state of
domicile of a foreign or alien insurer.
(8) Variable annuity contract--Any individual
annuity contract or group annuity contract or certificate issued in connection
with a group annuity master contract which provides for benefits which vary
according to the investment experience of a separate account established and
maintained by the insurer as to such contract, pursuant to Insurance Code
Chapter 1152. Annuity benefits may be payable in fixed or variable amounts or
both.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.