SECTION 3.1002. Purpose

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It is the purpose of this subchapter:
(1) to encourage a company's awareness that imprudent guarantees on annuity contracts and miscellaneous funds may lead to a hazardous financial condition, and to call attention of the fact that the commissioner of insurance may wish to make use of the early warning system;
(2) to provide for proper disclosure of benefits provided by annuity contracts and miscellaneous funds; and
(3) to clarify the interpretation of Insurance Code Chapter 425, Subchapter B, as it relates to the computation of reserves for annuity contracts and miscellaneous funds.

Source Note: The provisions of this §3.1002 adopted to be effective January 1, 1976; amended to be effective December 10, 1982, 7 TexReg 4106; amended to be effective May 11, 2022, 47 TexReg 2758

                    
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