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A BILL TO BE ENTITLED
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AN ACT
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relating to the insurable interest of certain persons providing |
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care to individuals with disabilities in the life of those |
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individuals. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1103.053, Insurance Code, is amended by |
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amending Subsection (a) and adding Subsection (c) to read as |
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follows: |
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(a) Except as provided by Subsection (b) or (c), a |
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beneficiary or owner of a life insurance policy who is designated in |
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accordance with this subchapter or an entity to which a life |
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insurance policy or an interest, benefit, right, or title in a life |
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insurance policy is transferred or assigned in accordance with this |
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subchapter has, at all times after the designation, an insurable |
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interest in the life of the individual who is insured under the |
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policy. |
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(c) A person providing care to an individual with a |
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disability, including an intellectual disability, at a state |
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supported living center, as defined by Section 531.002, Health and |
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Safety Code, an assisted living facility licensed under Chapter |
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247, Health and Safety Code, an intermediate care facility licensed |
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under Chapter 252, Health and Safety Code, or a group home, as |
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defined by Section 591.003, Health and Safety Code, does not |
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directly or indirectly have an insurable interest in the life of an |
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individual unless the person is a relative of the individual. |
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SECTION 2. Section 1103.053(c), Insurance Code, as added by |
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this Act, applies only to an insurance policy delivered, issued for |
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delivery, or renewed on or after January 1, 2024. |
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SECTION 3. This Act takes effect September 1, 2023. |