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A BILL TO BE ENTITLED
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AN ACT
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relating to the provision of certain information or assistance by |
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life insurance agents to owners of life insurance policies. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 1101, Insurance Code, is amended by |
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adding Subchapter E to read as follows: |
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SUBCHAPTER E. AGENT COMMUNICATIONS |
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Sec. 1101.201. APPLICABILITY OF SUBCHAPTER. This |
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subchapter applies with respect to a life insurance policy owned by |
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an individual who is a resident of this state regardless of the |
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place the policy is issued, delivered, or renewed. |
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Sec. 1101.202. PROTECTED COMMUNICATIONS. A life insurance |
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company that issues or provides coverage under an individual life |
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insurance policy may not terminate, fine, or otherwise penalize an |
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insurance agent who is the agent of record for the policy or who has |
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a business relationship with the policy owner for: |
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(1) informing the policy owner or the policy owner's |
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designee about options available under the policy terms with |
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respect to the lapse or surrender of the policy; or |
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(2) assisting the policy owner with securing benefits |
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under the terms of the policy. |
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SECTION 2. This Act takes effect September 1, 2017. |