State Codes and Statutes
Statutes > Texas > Insurance-code > Title-7-life-insurance-and-annuities > Chapter-1108-benefits-exempt-from-seizure
INSURANCE CODE
TITLE 7. LIFE INSURANCE AND ANNUITIES
SUBTITLE A. LIFE INSURANCE IN GENERAL
CHAPTER 1108. BENEFITS EXEMPT FROM SEIZURE
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 1108.001. CONSTRUCTION WITH OTHER LAW. The exemptions
under this chapter are in addition to the exemptions from
garnishment, attachment, execution, or other seizure under
Chapter 42, Property Code.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
Sec. 1108.002. ANNUITY CONTRACTS. For purposes of regulation
under this code, an annuity contract is considered an insurance
policy or contract if the annuity contract is issued:
(1) by a life, health, or accident insurance company, including
a mutual company or fraternal benefit society; or
(2) under an annuity or benefit plan used by an employer or
individual.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
SUBCHAPTER B. EXEMPTIONS FROM SEIZURE
Sec. 1108.051. EXEMPTIONS FOR CERTAIN INSURANCE AND ANNUITY
BENEFITS. (a) Except as provided by Section 1108.053, this
section applies to any benefits, including the cash value and
proceeds of an insurance policy, to be provided to an insured or
beneficiary under:
(1) an insurance policy or annuity contract issued by a life,
health, or accident insurance company, including a mutual company
or fraternal benefit society; or
(2) an annuity or benefit plan used by an employer or
individual.
(b) Notwithstanding any other provision of this code, insurance
or annuity benefits described by Subsection (a):
(1) inure exclusively to the benefit of the person for whose use
and benefit the insurance or annuity is designated in the policy
or contract; and
(2) are fully exempt from:
(A) garnishment, attachment, execution, or other seizure;
(B) seizure, appropriation, or application by any legal or
equitable process or by operation of law to pay a debt or other
liability of an insured or of a beneficiary, either before or
after the benefits are provided; and
(C) a demand in a bankruptcy proceeding of the insured or
beneficiary.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
Sec. 1108.052. EXEMPTIONS UNAFFECTED BY BENEFICIARY DESIGNATION.
The exemptions provided by Section 1108.051 apply regardless of
whether:
(1) the power to change the beneficiary is reserved to the
insured; or
(2) the insured or the insured's estate is a contingent
beneficiary.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
Sec. 1108.053. EXCEPTIONS TO EXEMPTIONS. The exemptions
provided by Section 1108.051 do not apply to:
(1) a premium payment made in fraud of a creditor, subject to
the applicable statute of limitations for recovering the payment;
(2) a debt of the insured or beneficiary secured by a pledge of
the insurance policy or the proceeds of the policy; or
(3) a child support lien or levy under Chapter 157, Family Code.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003. Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.301(a),
eff. Sept. 1, 2003.
SUBCHAPTER C. ASSIGNMENT OF BENEFITS
Sec. 1108.101. ASSIGNMENT GENERALLY. This chapter does not
prevent an insured, owner, or annuitant from assigning, in
accordance with the terms of the policy or contract:
(1) any benefits to be provided under an insurance policy or
annuity contract to which this chapter applies; or
(2) any other rights under the policy or contract.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
Sec. 1108.102. CERTAIN ASSIGNMENTS VOID. If an insurance
policy, annuity contract, or annuity or benefit plan described by
Section 1108.051 prohibits a beneficiary from assigning or
commuting benefits to be provided or other rights under the
policy, contract, or plan, an assignment or commutation or
attempted assignment or commutation of the benefits or rights by
the beneficiary is void.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
State Codes and Statutes
Statutes > Texas > Insurance-code > Title-7-life-insurance-and-annuities > Chapter-1108-benefits-exempt-from-seizure
INSURANCE CODE
TITLE 7. LIFE INSURANCE AND ANNUITIES
SUBTITLE A. LIFE INSURANCE IN GENERAL
CHAPTER 1108. BENEFITS EXEMPT FROM SEIZURE
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 1108.001. CONSTRUCTION WITH OTHER LAW. The exemptions
under this chapter are in addition to the exemptions from
garnishment, attachment, execution, or other seizure under
Chapter 42, Property Code.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
Sec. 1108.002. ANNUITY CONTRACTS. For purposes of regulation
under this code, an annuity contract is considered an insurance
policy or contract if the annuity contract is issued:
(1) by a life, health, or accident insurance company, including
a mutual company or fraternal benefit society; or
(2) under an annuity or benefit plan used by an employer or
individual.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
SUBCHAPTER B. EXEMPTIONS FROM SEIZURE
Sec. 1108.051. EXEMPTIONS FOR CERTAIN INSURANCE AND ANNUITY
BENEFITS. (a) Except as provided by Section 1108.053, this
section applies to any benefits, including the cash value and
proceeds of an insurance policy, to be provided to an insured or
beneficiary under:
(1) an insurance policy or annuity contract issued by a life,
health, or accident insurance company, including a mutual company
or fraternal benefit society; or
(2) an annuity or benefit plan used by an employer or
individual.
(b) Notwithstanding any other provision of this code, insurance
or annuity benefits described by Subsection (a):
(1) inure exclusively to the benefit of the person for whose use
and benefit the insurance or annuity is designated in the policy
or contract; and
(2) are fully exempt from:
(A) garnishment, attachment, execution, or other seizure;
(B) seizure, appropriation, or application by any legal or
equitable process or by operation of law to pay a debt or other
liability of an insured or of a beneficiary, either before or
after the benefits are provided; and
(C) a demand in a bankruptcy proceeding of the insured or
beneficiary.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
Sec. 1108.052. EXEMPTIONS UNAFFECTED BY BENEFICIARY DESIGNATION.
The exemptions provided by Section 1108.051 apply regardless of
whether:
(1) the power to change the beneficiary is reserved to the
insured; or
(2) the insured or the insured's estate is a contingent
beneficiary.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
Sec. 1108.053. EXCEPTIONS TO EXEMPTIONS. The exemptions
provided by Section 1108.051 do not apply to:
(1) a premium payment made in fraud of a creditor, subject to
the applicable statute of limitations for recovering the payment;
(2) a debt of the insured or beneficiary secured by a pledge of
the insurance policy or the proceeds of the policy; or
(3) a child support lien or levy under Chapter 157, Family Code.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003. Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.301(a),
eff. Sept. 1, 2003.
SUBCHAPTER C. ASSIGNMENT OF BENEFITS
Sec. 1108.101. ASSIGNMENT GENERALLY. This chapter does not
prevent an insured, owner, or annuitant from assigning, in
accordance with the terms of the policy or contract:
(1) any benefits to be provided under an insurance policy or
annuity contract to which this chapter applies; or
(2) any other rights under the policy or contract.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
Sec. 1108.102. CERTAIN ASSIGNMENTS VOID. If an insurance
policy, annuity contract, or annuity or benefit plan described by
Section 1108.051 prohibits a beneficiary from assigning or
commuting benefits to be provided or other rights under the
policy, contract, or plan, an assignment or commutation or
attempted assignment or commutation of the benefits or rights by
the beneficiary is void.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
State Codes and Statutes
Statutes >
Texas >
Insurance-code >
Title-7-life-insurance-and-annuities >
Chapter-1108-benefits-exempt-from-seizure INSURANCE CODE
TITLE 7. LIFE INSURANCE AND ANNUITIES
SUBTITLE A. LIFE INSURANCE IN GENERAL
CHAPTER 1108. BENEFITS EXEMPT FROM SEIZURE
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 1108.001. CONSTRUCTION WITH OTHER LAW. The exemptions
under this chapter are in addition to the exemptions from
garnishment, attachment, execution, or other seizure under
Chapter 42, Property Code.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
Sec. 1108.002. ANNUITY CONTRACTS. For purposes of regulation
under this code, an annuity contract is considered an insurance
policy or contract if the annuity contract is issued:
(1) by a life, health, or accident insurance company, including
a mutual company or fraternal benefit society; or
(2) under an annuity or benefit plan used by an employer or
individual.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
SUBCHAPTER B. EXEMPTIONS FROM SEIZURE
Sec. 1108.051. EXEMPTIONS FOR CERTAIN INSURANCE AND ANNUITY
BENEFITS. (a) Except as provided by Section 1108.053, this
section applies to any benefits, including the cash value and
proceeds of an insurance policy, to be provided to an insured or
beneficiary under:
(1) an insurance policy or annuity contract issued by a life,
health, or accident insurance company, including a mutual company
or fraternal benefit society; or
(2) an annuity or benefit plan used by an employer or
individual.
(b) Notwithstanding any other provision of this code, insurance
or annuity benefits described by Subsection (a):
(1) inure exclusively to the benefit of the person for whose use
and benefit the insurance or annuity is designated in the policy
or contract; and
(2) are fully exempt from:
(A) garnishment, attachment, execution, or other seizure;
(B) seizure, appropriation, or application by any legal or
equitable process or by operation of law to pay a debt or other
liability of an insured or of a beneficiary, either before or
after the benefits are provided; and
(C) a demand in a bankruptcy proceeding of the insured or
beneficiary.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
Sec. 1108.052. EXEMPTIONS UNAFFECTED BY BENEFICIARY DESIGNATION.
The exemptions provided by Section 1108.051 apply regardless of
whether:
(1) the power to change the beneficiary is reserved to the
insured; or
(2) the insured or the insured's estate is a contingent
beneficiary.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
Sec. 1108.053. EXCEPTIONS TO EXEMPTIONS. The exemptions
provided by Section 1108.051 do not apply to:
(1) a premium payment made in fraud of a creditor, subject to
the applicable statute of limitations for recovering the payment;
(2) a debt of the insured or beneficiary secured by a pledge of
the insurance policy or the proceeds of the policy; or
(3) a child support lien or levy under Chapter 157, Family Code.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003. Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.301(a),
eff. Sept. 1, 2003.
SUBCHAPTER C. ASSIGNMENT OF BENEFITS
Sec. 1108.101. ASSIGNMENT GENERALLY. This chapter does not
prevent an insured, owner, or annuitant from assigning, in
accordance with the terms of the policy or contract:
(1) any benefits to be provided under an insurance policy or
annuity contract to which this chapter applies; or
(2) any other rights under the policy or contract.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
Sec. 1108.102. CERTAIN ASSIGNMENTS VOID. If an insurance
policy, annuity contract, or annuity or benefit plan described by
Section 1108.051 prohibits a beneficiary from assigning or
commuting benefits to be provided or other rights under the
policy, contract, or plan, an assignment or commutation or
attempted assignment or commutation of the benefits or rights by
the beneficiary is void.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,
2003.
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