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Texas Insurance Code - INS § 1107.054. Contract With Single Consideration

Current as of January 01, 2024 | Updated by Findlaw Staff

For an annuity contract that provides for the payment of a single consideration, the minimum nonforfeiture amount is computed in the same manner as the minimum nonforfeiture amount for a contract with flexible considerations, except that:

(1) the net consideration amount to be used to compute the minimum nonforfeiture amount is the amount of the gross considerations paid under the contract less a contract charge of $75; and

(2) the percentage of the net consideration amount to be used to compute the minimum nonforfeiture amount is 90 percent.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 1107.054. Contract With Single Consideration - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-1107-054/

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