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A BILL TO BE ENTITLED
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AN ACT
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relating to the maturity date of certain annuities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1107.006, Insurance Code, is amended to |
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read as follows: |
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Sec. 1107.006. MATURITY DATE. [(a)] In determining the |
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value of benefits calculated under Sections 1107.102, 1107.103, and |
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1107.104, [and subject to Subsection (b), if an annuity contract
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permits an election to have annuity payments begin on optional
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maturity dates,] the maturity date is [considered to be the latest
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date on which an election is permitted by the contract.
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[(b)
A maturity date determined under this section may not
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be later than] the later of: |
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(1) the next anniversary of the annuity contract that |
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follows the annuitant's 70th birthday; or |
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(2) the 10th anniversary of the contract. |
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SECTION 2. This Act applies only to an annuity that is |
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delivered, issued for delivery, or renewed on or after January 1, |
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2010. An annuity that is delivered, issued for delivery, or renewed |
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before January 1, 2010, is governed by the law as it existed |
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immediately before the effective date of this Act, and that law is |
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continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2009. |