Texas § IN.1201.214 - POLICY PROVISION

§ IN.1201.214. POLICY PROVISION

POLICY PROVISION: TIME OF PAYMENT OF CLAIMS. (a) Except as provided by Subsection (c), an individual accident and health insurance policy must contain the following provision: "Time of Payment of Claims: Indemnities payable under this policy for any loss, other than a loss for which this policy provides any periodic payment, will be paid immediately on receipt of due written proof of the loss. Subject to due written proof of loss, all accrued indemnities for a loss for which this policy provides periodic payment will be paid __________ (insert period for payment) and any balance remaining unpaid on termination of liability will be paid immediately on receipt of due written proof of loss." (b) The period for payment to be inserted in the clause required by Subsection (a) may not be less frequent than monthly. (c) The provision required by this section is not required to be contained in a policy issued by a corporation operating under Chapter 842 . Added by Acts 2003, 78th Leg., ch. 1274, Sec. 3, eff. April 1, 2005.