Life Insurance

Regulation of Life Insurance

Regulation of Rates

The Texas Deparment of Insurance does not review life insurance rates and there is no regulation of life insurance rates in Texas. 


Regulation of Forms

Insurance companies must file life insurance forms with the Texas Department of Insurance ("TDI") at least 60 days before using them. (TIC § 1701.051)  TDI reviews forms using a checklist that outlines policy provisions that are required and prohibited by law and rule (the checklists are avaiable for review on the TDI website; click here for a checklist for individual term and whole life.)  The checklist outlines required provisions such as grace periods and incontestability clauses.  Companies are not supposed to use forms that have been disapproved by TDI. (TIC § 1701.056)  If a company does use a form disapproved by TDI and the form results in financial damage to a consumer, the insurance commissioner can order restitution.  (TIC § 1701.101)