GO TO

Main Index          Tex Ins Code


 

 

SUBCHAPTER B. EXEMPTIONS FROM SEIZURE


§ 1108.051. EXEMPTIONS FOR CERTAIN INSURANCE AND ANNUITY BENEFITS

 

 


(a) Application

(1) Contracts issued by life, health & accident companies; mutual and fraternal benefit companies

(2) Annuity or benefit plans

(b)(1) Beneficiaries protected

(2) Exemption from claims


(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, § 2, eff. June 1, 2003.

 

 

 

 

 

 


©2005-2018— WEBER LAW FIRM, P.C. — All Rights Reserved

Page Last Updated:  July 30, 2018