87R12130 MWC-D
 
  By: Sanford H.B. No. 4404
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the marketing and sale of accidental death and
  dismemberment insurance coverage by financial institutions.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subtitle Z, Title 3, Finance Code, is amended by
  adding Chapter 282 to read as follows:
  CHAPTER 282. MARKETING OR SALE OF CERTAIN INSURANCE PRODUCTS BY
  FINANCIAL INSTITUTIONS PROHIBITED
         Sec. 282.001.  DEFINITION. In this chapter, "financial
  institution" has the meaning assigned by Section 201.101. 
         Sec. 282.002.  SALE OF CERTAIN INSURANCE PRODUCTS
  PROHIBITED. A financial institution may not market or sell
  accidental death and dismemberment insurance coverage to a person
  in this state.
         SECTION 2.  Chapter 282, Finance Code, as added by this Act,
  applies only to an insurance policy that includes accidental death
  and dismemberment coverage that is delivered, issued for delivery,
  or renewed on or after January 1, 2022.
         SECTION 3.  This Act takes effect September 1, 2021.