Section 1154.003 - Definitions In this chapter:
(1) "Annuity contract" means a contract, including a funding agreement, guaranteed investment contract, and synthetic guaranteed investment contract, issued by a life insurer, with or without a mortality or morbidity contingency, under which: (A) the owner deposits cash or assets in one or more installments with the life insurer; and(B) the owner or a beneficiary designated by the owner has a right to receive periodic payments for a specified future term.(2) "Funding agreement" means a type of annuity contract under which a life insurer: (A) accepts and accumulates funds, including noncash assets; and(B) makes one or more payments at a future date in amounts that are not based on mortality or morbidity contingencies.(3) "Governmental body" means a federal, state, municipal, local, or foreign court, tribunal, governmental department, commission, board, bureau, agency, authority, instrumentality, regulatory body, or quasi-regulatory body.(4) "Group" means a group to which a group life insurance policy may be issued under Subchapter B, Chapter 1131.(5) "Group annuity contract" means an annuity contract issued to a group and not an individual.(6) "Guaranteed investment contract" means a type of annuity contract issued by a life insurer: (A) that is a funding vehicle typically issued to a retirement plan; and(B) under which the life insurer accepts a deposit or series of deposits from the purchaser and guarantees to pay a specified interest rate of return on the funds deposited during a specified period.(7) "Life insurer" means an insurance company authorized to engage in the business of life insurance, including issuing annuity contracts, in this state.(8) "Synthetic guaranteed investment contract" means a group annuity contract or other agreement issued by a life insurer that, wholly or partly, establishes the life insurer's obligations by reference to a segregated portfolio of assets that the life insurer does not own.Tex. Ins. Code § 1154.003
Added by Acts 2015, Texas Acts of the 84th Leg. - Regular Session, ch. 1187,Sec. 2, eff. 9/1/2015.