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A BILL TO BE ENTITLED
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AN ACT
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relating to notice to a policy owner regarding changes affecting a |
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life insurance policy. |
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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 H to read as follows: |
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SUBCHAPTER H. REQUIRED DISCLOSURES AND NOTICES |
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Sec. 1101.351. NOTICE REQUIREMENT FOR OWNER POLICY CHANGES. |
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On a request by a policy owner to make a change affecting the |
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owner's life insurance policy, the insurer shall provide to the |
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owner a written notice stating: |
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(1) that the owner should consult with a licensed |
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insurance agent or financial advisor before making the change; |
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(2) that the owner may contact the department for more |
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information; and |
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(3) the department's Internet website address or |
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another manner by which the owner may contact the department. |
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SECTION 2. This Act takes effect September 1, 2021. |