Bill Text: TX HB1010 | 2023-2024 | 88th Legislature | Engrossed
Bill Title: Relating to the insurable interest of certain persons providing care to individuals with disabilities in the life of those individuals.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2023-05-05 - Referred to Business & Commerce [HB1010 Detail]
Download: Texas-2023-HB1010-Engrossed.html
| 88R15100 CJD-D | ||
| By: Turner | H.B. No. 1010 | |
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| relating to the insurable interest of certain persons providing | ||
| care to individuals with disabilities in the life of those | ||
| individuals. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 1103.053, Insurance Code, is amended by | ||
| amending Subsection (a) and adding Subsections (c) and (d) to read | ||
| as follows: | ||
| (a) Except as provided by Subsection (b) or (c), a | ||
| beneficiary or owner of a life insurance policy who is designated in | ||
| accordance with this subchapter or an entity to which a life | ||
| insurance policy or an interest, benefit, right, or title in a life | ||
| insurance policy is transferred or assigned in accordance with this | ||
| subchapter has, at all times after the designation, an insurable | ||
| interest in the life of the individual who is insured under the | ||
| policy. | ||
| (c) Notwithstanding Section 1103.051, this subsection | ||
| applies to a life insurance policy issued under Chapter 1101. A | ||
| person providing care to an individual with a disability, including | ||
| an intellectual disability, at a state supported living center, as | ||
| defined by Section 531.002, Health and Safety Code, an assisted | ||
| living facility licensed under Chapter 247, Health and Safety Code, | ||
| an intermediate care facility licensed under Chapter 252, Health | ||
| and Safety Code, or a group home, as defined by Section 591.003, | ||
| Health and Safety Code, does not directly or indirectly have an | ||
| insurable interest in the life of an individual unless the person is | ||
| a relative of the individual. | ||
| (d) In this section, "relative" means an individual who is | ||
| related to the insured within the third degree by consanguinity or | ||
| affinity as determined under Chapter 573, Government Code. | ||
| SECTION 2. Section 1103.053(c), Insurance Code, as added by | ||
| this Act, applies only to an insurance policy delivered, issued for | ||
| delivery, or renewed on or after January 1, 2024. | ||
| SECTION 3. This Act takes effect September 1, 2023. | ||
