85R26019 PMO-F
By: Thompson of Harris H.B. No. 3008
Substitute the following for H.B. No. 3008:
By: Phillips C.S.H.B. No. 3008
A BILL TO BE ENTITLED
AN ACT
relating to the provision of certain information or assistance by
life insurance agents to owners of life insurance policies.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 1101, Insurance Code, is amended by
adding Subchapter E to read as follows:
SUBCHAPTER E. AGENT COMMUNICATIONS
Sec. 1101.201. APPLICABILITY OF SUBCHAPTER. This
subchapter applies with respect to a life insurance policy owned by
an individual who is a resident of this state regardless of the
place the policy is issued, delivered, or renewed.
Sec. 1101.202. PROTECTED COMMUNICATIONS. A life insurance
company that issues or provides coverage under an individual life
insurance policy may not terminate, fine, or otherwise penalize an
insurance agent who is the agent of record for the policy or who has
a business relationship with the policy owner for:
(1) informing the policy owner or the policy owner's
designee about options available under the policy terms with
respect to the lapse or surrender of the policy; or
(2) assisting the policy owner with securing benefits
under the terms of the policy.
SECTION 2. This Act takes effect September 1, 2017.