28 Tex. Admin. Code § 4.1004
Summary of Provisions
Effective Jul 28, 19827 TexReg 2662Source Note: The provisions of this §4.1004 adopted to be effective May 8, 1980, 5 TexReg 1579; amended to be effective July 28, 1982, 7 TexReg 2662; transferred effective September 1, 2023, as published in the July 28, 2023, issue of the Texas Register, 48 TexReg 4127.Texas Secretary of State
(a) Upon application for an indeterminate premium reduction policy or group certificate, a separate form containing a summary which adequately describes the contractual premium provisions must be signed by the applicant and submitted to the insurer in conjunction with the application. A portion of the summary must include the following information:
- (1) the fact that the premium might be changed in the policy;
- (2) the frequency of the possible changes;
- (3) the fact that the nonguaranteed premium (if used in solicitation or advertising) is not guaranteed but the full maximum could be charged; and
- (4) for participating policies, a statement that dividends are only payable if declared by the insurer. If it is not likely that dividends will be paid, a statement to that effect must be included.
- (b) The summary required by these sections must be kept with a copy of the application subsequent to its receipt by the insurer and maintained in the insurer's files during the existence of the contract.
Source Note:The provisions of this §4.1004 adopted to be effective May 8, 1980, 5 TexReg 1579; amended to be effective July 28, 1982, 7 TexReg 2662; transferred effective September 1, 2023, as published in the July 28, 2023, issue of the Texas Register, 48 TexReg 4127.