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Texas Insurance Code - INS § 885.302. Issuance of Benefit Contracts on Variable Basis

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

A fraternal benefit society may, as provided by a resolution of its supreme governing body, establish and operate one or more separate accounts and issue benefit contracts on a variable basis, subject to laws regulating a life insurance company that establishes those types of accounts and issues those types of contracts. To comply with applicable federal or state laws or rules, the society may:

(1) issue on a variable basis contracts to which Sections 885.306(b) and (c) and 885.311(a) do not apply; and

(2) adopt special procedures for conducting the business and affairs of a separate account and provide special voting and other rights for a person having beneficial interests in a separate account, including special procedures and rights relating to:

(A) investment policy;

(B) investment advisory services;

(C) selection of certified public accountants; and

(D) selection of a committee to manage the business and affairs of the account.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 885.302. Issuance of Benefit Contracts on Variable Basis - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-885-302/

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