Texas § 1114.001 PURPOSE.

Texas Statutes

§ 1114.001 — PURPOSE.

Texas § 1114.001

Code INInsurance Code

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Bluebook

Tex. Insurance Code Code Ann. § 1114.001 (2026).

Text

Sec. 1114.001. PURPOSE. The purpose of this chapter is to:

(1)regulate the activities of insurers and agents with respect to the replacement of existing life insurance and annuities;

(2)protect the interests of purchasers of life insurance or annuities by establishing minimum standards of conduct to be observed in replacement or financed purchase transactions;

(3)ensure that purchasers receive information with which a decision in the purchaser's best interest may be made;

(4)reduce the opportunity for misrepresentation and incomplete disclosure; and

(5)establish penalties for failure to comply with the requirements adopted under this chapter.

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Sec. 1114.001. PURPOSE. The purpose of this chapter is to:
(1) regulate the activities of insurers and agents with respect to the replacement of existing life insurance and annuities;
(2) protect the interests of purchasers of life insurance or annuities by establishing minimum standards of conduct to be observed in replacement or financed purchase transactions;
(3) ensure that purchasers receive information with which a decision in the purchaser's best interest may be made;
(4) reduce the opportunity for misrepresentation and incomplete disclosure; and
(5) establish penalties for failure to comply with the requirements adopted under this chapter.