SECTION 3.1701. Purpose and Severability

(a) Purpose. Under Insurance Code Chapter 1111A, the Life Settlements Act, the commissioner implements this subchapter to:

(1) establish life settlement requirements concerning license applications, renewal, continuing education, and disclosures;

(2) establish form filing requirements for life settlement contracts;

(3) prohibit or require certain contractual provisions in life settlement contracts; and

(4) establish annual reporting requirements for life settlement providers.

(b) Severability. If a court of competent jurisdiction holds that any provision of this subchapter or its application to any person or circumstance is invalid for any reason, the invalidity does not affect other provisions or applications of this subchapter that can be given effect without the invalid provision or application. To this end, the provisions of this subchapter are severable.

Source Note: The provisions of this §3.1701 adopted to be effective August 1, 2013, 38 TexReg 4357