Texas § PR.142.009 - ANNUITY CONTRACT REQUIREMENTS FOR STRUCTURED SETTLEMENT
Full text of Texas The Texas Constitution § PR.142.009 — ANNUITY CONTRACT REQUIREMENTS FOR STRUCTURED SETTLEMENT, with citation guidance and answers to common questions.
§ PR.142.009. ANNUITY CONTRACT REQUIREMENTS FOR STRUCTURED SETTLEMENT
ANNUITY CONTRACT REQUIREMENTS FOR STRUCTURED SETTLEMENT. (a) An insurance company providing an annuity contract for a structured settlement as provided by Section 142.008 must: (1) be licensed to write annuity contracts in this state; (2) have a minimum of $1 million of capital and surplus; and (3) be approved by the court and comply with any requirements imposed by the court to ensure funding to satisfy periodic settlement payments. (b) In approving an insurance company under Subsection (a)(3), the court may consider whether the company: (1) holds an issuer credit rating equivalent to a National Association of Insurance Commissioners NAIC 1 designation from a national or international rating agency that: (A) has registered with the Securities and Exchange Commission; (B) is designated as a nationally recognized statistical rating organization; and (C) is on the list of Credit Rating Providers by the Securities Valuation Office of the National Association of Insurance Commissioners; (2) is an affiliate, as that term is described by Section 823.003 , Insurance Code, of a liability insurance carrier involved in the suit for which the structured settlement is created; or (3) is connected in any way to a person obligated to fund the structured settlement. Added by Acts 1999, 76th Leg., ch. 195, Sec. 5, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 96, Sec. 2, eff. Sept. 1, 2001; Acts 2003, 78th Leg., ch. 1276, Sec. 10A.551, eff. Sept. 1, 2003. Amended by: Acts 2019, 86th Leg., R.S., Ch. 912 (H.B. 3771 ), Sec. 1, eff. June 10, 2019.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § PR.142.009
What does The Texas Constitution § PR.142.009 cover?
Section PR.142.009 ("ANNUITY CONTRACT REQUIREMENTS FOR STRUCTURED SETTLEMENT") 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 § PR.142.009?
A common citation format is "The Texas Constitution § PR.142.009" (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 § PR.142.009 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.