| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to certain information or assistance provided by life |
|
|
insurance agents to owners of life insurance policies. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Subchapter B, Chapter 541, Insurance Code, is |
|
|
amended by adding Section 541.062 to read as follows: |
|
|
Sec. 541.062. INTERFERENCE WITH LIFE INSURANCE AGENT |
|
|
PROHIBITED. |
|
|
(a) This section applies with respect to individual life |
|
|
insurance policies only. |
|
|
(b) It is against the law and public policy of the State of |
|
|
Texas for any person or entity in the business of insurance to |
|
|
directly or indirectly interfere with the ability of a life |
|
|
insurance agent to: |
|
|
(1) inform a policy owner about: |
|
|
(A) the benefit options available under a life |
|
|
insurance policy; |
|
|
(B) the alternatives to the lapse or surrender of |
|
|
a life insurance policy; or |
|
|
(C) a policy owner's rights related to the |
|
|
disposition of a life insurance policy; |
|
|
(2) assist a policy owner with securing discounted |
|
|
policy proceeds under or related to a life insurance policy; or |
|
|
(3) unless otherwise prohibited by law, act as a life |
|
|
settlement broker under Chapter 19.1111A for the policy owner. |
|
|
(c) The remedies under this section do not include: |
|
|
(1) a private cause of action under Subchapter D, or |
|
|
(2) a class action under subchapter F. |
| |
|
|
SECTION 2. This Act takes effect September 1, 2017. |