{"data":{"id":"us-tx/tex.-insurance-code-4001.158","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 4001.158","heading":"REPLACEMENT OF EXISTING LIFE INSURANCE OR ANNUITY CONTRACT PROHIBITED.","body":"(a) A temporary license holder who is acting under the authority of that license may not:\n(1) engage in an insurance solicitation, sale, or other agency transaction that the license holder knows or should know will result or is intended to result in:\n(A) the purchase of a new life insurance or annuity contract; and\n(B) any of the following actions with regard to an existing individual life insurance or annuity contract as a result of that purchase:\n(i) termination of the contract by lapse, forfeiture, surrender, or other means;\n(ii) conversion of the contract to reduced paid-up insurance, continuation of the contract as extended term insurance, or reduction in value of the contract by the use of nonforfeiture benefits or other policy values;\n(iii) amendment of the contract to reduce:\n(a) benefits; or\n(b) the term for which coverage would otherwise remain in force or for which benefits would be paid;\n(iv) reissuance of the contract with a reduction in cash value; or\n(v) pledge of the contract as collateral or subjection of the contract to borrowing, whether in a single loan or under a schedule of borrowing, for amounts that in the aggregate exceed 25 percent of the loan value prescribed by the contract; or\n(2) directly or indirectly receive a commission or other compensation that results or may result from a solicitation, sale, or other agency transaction described by Subdivision (1).\n(b) A person who holds a permanent license may not circumvent or attempt to circumvent the intent of this section by acting for or with a person holding a temporary license.\nAdded by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.","path":["INSURANCE CODE","TITLE 13. REGULATION OF PROFESSIONALS","SUBTITLE A. GENERAL PROVISIONS","CHAPTER 4001. AGENT LICENSING IN GENERAL","SUBCHAPTER D. TEMPORARY LICENSE"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.4001.htm#4001.158","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"b0527581d883e1fb6dceec4d2ff97e6161599b56e141ac221ce87dcce26b97fb","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-4001.157","next":"us-tx/tex.-insurance-code-4001.159"},"notice":"GroundRules: Original legal text. Not legal advice."}