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