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Texas Property Code - PROP § 142.009. Annuity Contract Requirements for Structured Settlement

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

(a) An insurance company providing an annuity contract for a structured settlement as provided by Section 142.008 must:

(1) be licensed to write annuity contracts in this state;

(2) have a minimum of $1 million of capital and surplus; and

(3) be approved by the court and comply with any requirements imposed by the court to ensure funding to satisfy periodic settlement payments.

(b) In approving an insurance company under Subsection (a)(3), the court may consider whether the company:

(1) holds an issuer credit rating equivalent to a National Association of Insurance Commissioners NAIC 1 designation from a national or international rating agency that:

(A) has registered with the Securities and Exchange Commission;

(B) is designated as a nationally recognized statistical rating organization; and

(C) is on the list of Credit Rating Providers by the Securities Valuation Office of the National Association of Insurance Commissioners;

(2) is an affiliate, as that term is described by Section 823.003, Insurance Code, of a liability insurance carrier involved in the suit for which the structured settlement is created; or

(3) is connected in any way to a person obligated to fund the structured settlement.

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Cite this article: FindLaw.com - Texas Property Code - PROP § 142.009. Annuity Contract Requirements for Structured Settlement - last updated January 01, 2024 | https://codes.findlaw.com/tx/property-code/prop-sect-142-009.html

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