Texas § 1116.002 RESCISSION PERIOD REQUIRED.

Texas Statutes

§ 1116.002 — RESCISSION PERIOD REQUIRED.

Texas § 1116.002

Code INInsurance Code

This text of Texas § 1116.002 (RESCISSION PERIOD REQUIRED.) 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. § 1116.002 (2026).

Text

Sec. 1116.002. RESCISSION PERIOD REQUIRED.

(a)A fixed annuity contract must provide that, for a period of at least 20 days after the date the contract is delivered, the purchaser may rescind the contract and receive an unconditional refund of premiums paid for the contract, including any contract fees or charges.

(b)Except as provided by Subsection (c), a variable or modified guaranteed annuity contract must provide that, for a period of at least 20 days after the date the contract is delivered, the purchaser may rescind the contract and receive an unconditional refund that is equal to the cash surrender value provided in the contract plus any fees or charges deducted from the premiums or imposed under the contract.

(c)Subsection (b) does not apply to an annuity contract if the prospect

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Sec. 1116.002. RESCISSION PERIOD REQUIRED. (a) A fixed annuity contract must provide that, for a period of at least 20 days after the date the contract is delivered, the purchaser may rescind the contract and receive an unconditional refund of premiums paid for the contract, including any contract fees or charges.
(b) Except as provided by Subsection (c), a variable or modified guaranteed annuity contract must provide that, for a period of at least 20 days after the date the contract is delivered, the purchaser may rescind the contract and receive an unconditional refund that is equal to the cash surrender value provided in the contract plus any fees or charges deducted from the premiums or imposed under the contract.
(c) Subsection (b) does not apply to an annuity contract if the prospective owner is an accredited investor, as defined by 17 C.F.R. Section 230.501(a) as adopted by the United States Securities and Exchange Commission.

Legislative History

Added by Acts 2011, 82nd Leg., R.S., Ch. 77 (H.B. 1032 ), Sec. 1, eff. September 1, 2011.

Nearby Sections

3

§ 1116.001

DEFINITION.

§ 1116.002

RESCISSION PERIOD REQUIRED.

§ 1116.003

RULEMAKING AUTHORITY FOR CONTINGENT DEFERRED ANNUITY CONTRACTS.

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Bluebook (online)

Texas § 1116.002, Counsel Stack Legal Research, https://law.counselstack.com/statute/tx/IN/1116.002.