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Texas Department of Insurance
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Subchapter H. Variable Contract Agents

28 TAC §§19.701 ­ 19.709

The Commissioner of Insurance adopts the repeal of Subchapter H, §§19.701 ­ 19.709 concerning variable contract agents. The repeal is adopted without changes to the proposal as published in the August 22, 2003 issue of the Texas Register (28 TexReg 6710).

The repeal is necessary because the procedures and license contained in these sections were discontinued by Senate Bill 414, 77th Legislature. Authority to write variable life insurance contracts is now part of the general life, accident, and health insurance agent license, issued under Insurance Code Article 21.07-1.

The purpose and objective of this repeal is to eliminate the obsolete sections so that they can be replaced with new sections that are compatible with the statutory amendments to Insurance Code Articles 21.07-5. The adoption of new §§19.701 ­ 19.712 is published elsewhere in this issue of the Texas Register.

No comments were received regarding adoption of the repeal.

The repeal is adopted pursuant to the Insurance Code Articles 3.75 and 21.07-1, and §36.001. Article 3.75 §7 provides that variable contracts may only be written by persons holding an appropriate Article 21.07-1 license that is issued in accordance with Subchapter A, Chapter 21, Insurance Code. Article 21.07-1 §2(a)(4) provides general life, accident, and health agents with authority to write variable life contracts. Insurance Code §36.001 authorizes the Commissioner of Insurance to adopt any rules necessary and appropriate to implement the duties and powers of the Texas Department of Insurance under the Insurance Code and other laws of this state.

The following statues are affected by the repeal: Insurance Code Articles 3.75 and 21.07-1

§19.701. Variable Contract Agent's License.

§19.702. Examination.

§19.703. Application for License.

§19.704. Issuance or Denial of License.

§19.705. Nonresident Agents.

§19.706. Expiration and Renewal of Licenses.

§19.707. Termination of Contract.

§19.708. Prohibitions.

§19.709. Denial, Suspension, or Revocation of Licenses.

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