Texas § 1101.011 TIME FOR SETTLEMENT OF CLAIM.

Texas Statutes

§ 1101.011 — TIME FOR SETTLEMENT OF CLAIM.

Texas § 1101.011

Code INInsurance Code

This text of Texas § 1101.011 (TIME FOR SETTLEMENT OF CLAIM.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Insurance Code Code Ann. § 1101.011 (2026).

Text

Sec. 1101.011. TIME FOR SETTLEMENT OF CLAIM.

(a)Except as provided by Subsection (b), a life insurance policy must provide that settlement under the policy after the death of the insured will be made not later than two months after the date of receipt of proof of:

(1)the death; and

(2)the right of the claimant to the proceeds of the policy.

(b)A private placement contract issued under Section 1152.110 may provide that:

(1)settlement of that portion of the contract attributable to separate account assets is subject to the liquidity of those assets; and

(2)the portion of the contract described by Subdivision (1) must be settled by the insurer when the separate account assets are converted to cash under any applicable terms, which may be a period longer than the two-month period describ

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Sec. 1101.011. TIME FOR SETTLEMENT OF CLAIM. (a) Except as provided by Subsection (b), a life insurance policy must provide that settlement under the policy after the death of the insured will be made not later than two months after the date of receipt of proof of:
(1) the death; and
(2) the right of the claimant to the proceeds of the policy.
(b) A private placement contract issued under Section 1152.110 may provide that:
(1) settlement of that portion of the contract attributable to separate account assets is subject to the liquidity of those assets; and
(2) the portion of the contract described by Subdivision (1) must be settled by the insurer when the separate account assets are converted to cash under any applicable terms, which may be a period longer than the two-month period described by Subsection (a).

Legislative History

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003. Amended by: Acts 2007, 80th Leg., R.S., Ch. 737 (H.B. 2765 ), Sec. 2, eff. September 1, 2007.