Bill Text: TX HB2581 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to certain information or assistance provided by life insurance agents to owners of life insurance policies.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2017-03-27 - Referred to Insurance [HB2581 Detail]
Download: Texas-2017-HB2581-Introduced.html
By: Thompson of Harris | H.B. No. 2581 |
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Relating to certain information or assistance provided by life | ||
insurance agents to owners of life insurance policies. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS | ||
SECTION 1. Subchapter B, Chapter 541, Insurance Code, is | ||
amended by adding Section 541.062 to read as follows: | ||
Sec. 541.062. INTERFERENCE WITH LIFE INSURANCE AGENT | ||
PROHIBITED. | ||
(a) This section applies with respect to individual life | ||
insurance policies only. | ||
(b) It is against the law and public policy of the State of | ||
Texas for any person or entity in the business of insurance to | ||
directly or to: | ||
(1) inform a policy owner about: | ||
(A) the benefit options available under a life | ||
insurance policy; | ||
(B) the alternatives to the lapse or surrender | ||
of a life insurance policy; or | ||
(C) a policy owner's rights related to the | ||
disposition of a life insurance policy; | ||
(2) assist a policy owner with securing discounted | ||
policy proceeds under or related to a life insurance policy; or | ||
(3) unless otherwise prohibited by law, act as a life | ||
settlement broker under Chapter 19.1111A for the policy owner. | ||
(c) The remedies under this section do not include: | ||
(1) a private cause of action under Subchapter D, or | ||
(2) a class action under subchapter F. | ||
SECTION 2. This Act takes effect September 1, 2017. |