SECTION 3.1728. Life Settlement Broker Fiduciary Duty

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Breach of a life settlement broker's fiduciary duty includes, but is not limited to:
(1) receiving compensation for negotiating a life settlement contract that would result in the owner receiving less than either the cash surrender value or accelerated death benefit, if such accelerated death benefit may be claimed at the time the owner enters into the life settlement contract, of the life insurance policy payable at the time of application for a life settlement contract.
(2) a contractual agreement or arrangement to directly or indirectly exclusively negotiate life settlement contracts with a single life settlement provider.

Source Note: The provisions of this §3.1728 adopted to be effective August 1, 2013, 38 TexReg 4357

                    
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