{"data":{"id":"us-tx/tex.-insurance-code-1154.003","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 1154.003","heading":"DEFINITIONS.","body":"In this chapter:\n(1) \"Annuity contract\" means a contract, including a funding agreement, guaranteed investment contract, and synthetic guaranteed investment contract, issued by a life insurer, with or without a mortality or morbidity contingency, under which:\n(A) the owner deposits cash or assets in one or more installments with the life insurer; and\n(B) the owner or a beneficiary designated by the owner has a right to receive periodic payments for a specified future term.\n(2) \"Funding agreement\" means a type of annuity contract under which a life insurer:\n(A) accepts and accumulates funds, including noncash assets; and\n(B) makes one or more payments at a future date in amounts that are not based on mortality or morbidity contingencies.\n(3) \"Governmental body\" means a federal, state, municipal, local, or foreign court, tribunal, governmental department, commission, board, bureau, agency, authority, instrumentality, regulatory body, or quasi-regulatory body.\n(4) \"Group\" means a group to which a group life insurance policy may be issued under Subchapter B, Chapter 1131.\n(5) \"Group annuity contract\" means an annuity contract issued to a group and not an individual.\n(6) \"Guaranteed investment contract\" means a type of annuity contract issued by a life insurer:\n(A) that is a funding vehicle typically issued to a retirement plan; and\n(B) under which the life insurer accepts a deposit or series of deposits from the purchaser and guarantees to pay a specified interest rate of return on the funds deposited during a specified period.\n(7) \"Life insurer\" means an insurance company authorized to engage in the business of life insurance, including issuing annuity contracts, in this state.\n(8) \"Synthetic guaranteed investment contract\" means a group annuity contract or other agreement issued by a life insurer that, wholly or partly, establishes the life insurer's obligations by reference to a segregated portfolio of assets that the life insurer does not own.\nAdded by Acts 2015, 84th Leg., R.S., Ch. 1187 (S.B. 1196), Sec. 2, eff. September 1, 2015.","path":["INSURANCE CODE","TITLE 7. LIFE INSURANCE AND ANNUITIES","SUBTITLE C. SPECIALIZED COVERAGES","CHAPTER 1154. FUNDING AGREEMENTS, GUARANTEED INVESTMENT CONTRACTS, AND SYNTHETIC GUARANTEED INVESTMENT CONTRACTS","SUBCHAPTER A. GENERAL PROVISIONS"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.1154.htm#1154.003","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"d73e0cb7143bc7f981b4f1b4b6cc2daf8ebdd730ad0c1f806a1f817378ca73c7","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-1154.002","next":"us-tx/tex.-insurance-code-1154.004"},"notice":"GroundRules: Original legal text. Not legal advice."}