Tex. Insurance Code § 1551.255
INCLUSION OF PROVISIONS FOR VIATICAL SETTLEMENTS
Texas · Texas Insurance Code · Status: effective
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- Citation
- Tex. Insurance Code § 1551.255, INCLUSION OF PROVISIONS FOR VIATICAL SETTLEMENTS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/682933
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Full text
(a) In this section, "viatical settlement" has the meaning assigned to "life settlement contract" by Section 1111A.002.
(b) The board of trustees shall adopt rules that require a group life insurance coverage plan established under this chapter to allow a participant in the plan to make, in conjunction with receipt of a viatical settlement, an irrevocable designation of beneficiary for part or all of the group life coverage benefits.
(c) A viatical settlement is not valid for any coverage under the group benefits program unless the participant has a terminal illness or terminal injury, as defined by rules adopted by the board of trustees, at the time application for benefits is made.