81st Texas Legislature, Regular Session, House Bill 3762, Chapter 1190 Page: 15 of 35
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H,B. No. 3762
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SECTION 16. Subchapter E, Chapter 154, Finance Code, is
amended by adding Section 154.2021 to read as follows:
Sec. 154.2021. REQUIREMENTS FOR INSURANCE POLICIES. (a)
An insurance policy used to fund prepaid funeral benefits under
this chapter must:
(1) be written on a form approved by the Texas
Department of Insurance;
(2) be issued by an insurance company authorized by
the Texas Department of Insurance to engage in the business of
insurance in this state; and
(3) contain the following statement on the cover page
or otherwise within the policy or a rider to the policy: "This
policy is issued to fund a prepaid funeral benefits contract
subject to Chapter 154 of the Texas Finance Code. Cancellation of
the prepaid funeral benefits contract does not automatically cancel
this policy. "
(b) The aggregate initial face value of one or more
insurance policies issued to fund a prepaid funeral benefits
contract may not exceed the total contract price by more than five
percent unless the purchaser:
(1) receives a conspicuous written disclosure of the
purpose and amount of the excess coverage and how the insurance
benefit will be applied at contract maturity; and;L~~~~~ L J VLLIL -LTT~;~V UUC~ C~~~UILIUIL ~-UU~L ~U~LJ-%
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Texas. Legislature. House of Representatives. 81st Texas Legislature, Regular Session, House Bill 3762, Chapter 1190, legislative document, June 19, 2009; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth148770/m1/15/: accessed May 1, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.