By Maxey H.B. No. 163 75R750 DLF-D A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to accelerated payment or assignment of life insurance 1-3 benefits under the Texas Employees Uniform Group Insurance Benefits 1-4 Act. 1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-6 SECTION 1. The Texas Employees Uniform Group Insurance 1-7 Benefits Act (Article 3.50-2, Vernon's Texas Insurance Code) is 1-8 amended by adding Section 11A to read as follows: 1-9 Sec. 11A. PAYMENT OF ACCELERATED BENEFITS; IRREVOCABLE 1-10 DESIGNATION OF BENEFICIARY. (a) The trustee shall adopt rules 1-11 under which any person covered by group life coverage provided 1-12 under this Act may: 1-13 (1) elect to receive an accelerated benefit under 1-14 Article 3.50-6, Insurance Code, subject to the provisions of that 1-15 article; or 1-16 (2) make, in conjunction with receipt of a viatical 1-17 settlement, an irrevocable designation of a beneficiary for all or 1-18 a part of the group life coverage benefits. 1-19 (b) In this section, "viatical settlement" has the meaning 1-20 assigned by Article 3.50-6A, Insurance Code. 1-21 SECTION 2. This Act takes effect September 1, 1997, and 1-22 applies only to coverage under a group life insurance policy that 1-23 is delivered, issued for delivery, or renewed on or after January 1-24 1, 1998. Coverage under a group life insurance policy that is 2-1 delivered, issued for delivery, or renewed before January 1, 1998, 2-2 is governed by the law as it existed immediately before the 2-3 effective date of this Act, and that law is continued in effect for 2-4 this purpose. 2-5 SECTION 3. The importance of this legislation and the 2-6 crowded condition of the calendars in both houses create an 2-7 emergency and an imperative public necessity that the 2-8 constitutional rule requiring bills to be read on three several 2-9 days in each house be suspended, and this rule is hereby suspended.