28 Tex. Admin. Code § 4.622
Current through Reg. 49, No. 49; December 6, 2024
Any life insurance policy that is a tontine policy or that contains a tontine provision will be disapproved. Provisions by which dividends during the participating period are not allocated or paid annually are prohibited as being within the tontine principle unless the policyholder acquires, on termination of the policy, a vested interest in the dividends that have accrued.
28 Tex. Admin. Code § 4.622