28 Tex. Admin. Code § 4.616
Substitute or Change of Insured Riders
Effective Jan 24, 202449 TexReg 250Source Note: The provisions of this §4.616 adopted to be effective September 20, 1982, 7 TexReg 3244; transferred effective September 1, 2023, as published in the July 28, 2023, issue of the Texas Register, 48 TexReg 4127; amended to be effective January 24, 2024, 49 TexReg 250.Texas Secretary of State
- (a) The rider must contain a statement requiring submission of an application signed by both the owner and the substitute insured.
- (b) The rider may require evidence of insurability of the substitute insured.
(c) The following must be clearly specified:
- (1) policy date;
- (2) face amount;
- (3) premium structure, including a description of the determination of premiums for a substitute insured; and
- (4) the plan of insurance.
(d) The disposition of the following items must be clearly described:
- (1) indebtedness under the old policy;
- (2) inclusion or exclusion of any supplementary benefits upon exchange;
- (3) dividends, if a participating policy; and
- (4) adjustments of reserves and cash values.
Source Note:The provisions of this §4.616 adopted to be effective September 20, 1982, 7 TexReg 3244; transferred effective September 1, 2023, as published in the July 28, 2023, issue of the Texas Register, 48 TexReg 4127; amended to be effective January 24, 2024, 49 TexReg 250.