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A BILL TO BE ENTITLED
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AN ACT
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relating to rulemaking authority for annuity contracts. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 1116, Insurance Code, is amended by |
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adding Section 1116.003 to read as follows: |
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Sec. 1116.003. RULEMAKING AUTHORITY. The commissioner may |
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adopt reasonable rules to protect the public that establish minimum |
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standards for annuity contracts, including rules relating to: |
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(1) the purpose and use of key provisions in annuity |
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contracts; |
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(2) criteria for the review and approval of new or |
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unique annuity products; and |
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(3) marketing standards for annuity products. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2015. |