Texas § 885.302 ISSUANCE OF BENEFIT CONTRACTS ON VARIABLE BASIS.

Texas Statutes

§ 885.302 — ISSUANCE OF BENEFIT CONTRACTS ON VARIABLE BASIS.

Texas § 885.302

Code INInsurance Code

This text of Texas § 885.302 (ISSUANCE OF BENEFIT CONTRACTS ON VARIABLE BASIS.) 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. § 885.302 (2026).

Text

Sec. 885.302. ISSUANCE OF BENEFIT CONTRACTS ON VARIABLE BASIS. 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

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Sec. 885.302. ISSUANCE OF BENEFIT CONTRACTS ON VARIABLE BASIS. 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.