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A BILL TO BE ENTITLED
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AN ACT
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relating to the marketing and sale of accidental death and |
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dismemberment insurance coverage by financial institutions. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle Z, Title 3, Finance Code, is amended by |
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adding Chapter 282 to read as follows: |
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CHAPTER 282. MARKETING OR SALE OF CERTAIN INSURANCE PRODUCTS BY |
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FINANCIAL INSTITUTIONS PROHIBITED |
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Sec. 282.001. DEFINITION. In this chapter, "financial |
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institution" has the meaning assigned by Section 201.101. |
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Sec. 282.002. SALE OF CERTAIN INSURANCE PRODUCTS |
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PROHIBITED. A financial institution may not market or sell |
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accidental death and dismemberment insurance coverage to a person |
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in this state. |
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SECTION 2. Chapter 282, Finance Code, as added by this Act, |
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applies only to an insurance policy that includes accidental death |
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and dismemberment coverage that is delivered, issued for delivery, |
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or renewed on or after January 1, 2022. |
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SECTION 3. This Act takes effect September 1, 2021. |