Texas § IN.1107.057 - MINIMUM NONFORFEITURE AMOUNT
Full text of Texas The Texas Constitution § IN.1107.057 — MINIMUM NONFORFEITURE AMOUNT, with citation guidance and answers to common questions.
§ IN.1107.057. MINIMUM NONFORFEITURE AMOUNT
MINIMUM NONFORFEITURE AMOUNT. (a) The minimum values as specified in Sections 1107.006 and 1107.101-1107.105 of any paid-up annuity, cash surrender, or death benefits available under an annuity contract shall be based upon minimum nonforfeiture amounts as defined in this section. (b) The minimum nonforfeiture amount at any time at or prior to the commencement of any annuity payments shall be equal to an accumulation up to such time at rates of interest as indicated in this subchapter of the net considerations as defined by Subsection (c) paid prior to such time, decreased by the sum of Subdivisions (1) through (4): (1) any withdrawal from or partial surrender of the contract made before the minimum nonforfeiture amount is computed, accumulated at an interest rate as indicated in this subchapter; (2) an annual contract charge of $50, accumulated at rates of interest as indicated in this subchapter; (3) premium tax paid, if any, by the company, and not subsequently credited back to the company, for the contract, accumulated at rates of interest as indicated in this subchapter; and (4) any indebtedness to the company on the contract, including any accrued interest due on the indebtedness. (c) For the purposes of this section, the amount of net consideration for a contract year shall be an amount equal to 87.5 percent of the gross considerations credited to the contract during that contract year. Added by Acts 2003, 78th Leg., ch. 869, Sec. 1, eff. June 20, 2003. SUBCHAPTER C. VALUE OF NONFORFEITURE BENEFITS
Frequently Asked Questions About Texas § IN.1107.057
What does The Texas Constitution § IN.1107.057 cover?
Section IN.1107.057 ("MINIMUM NONFORFEITURE AMOUNT") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § IN.1107.057?
A common citation format is "The Texas Constitution § IN.1107.057" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § IN.1107.057 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.