Tex.
Ins. Code Section 1201.222
Policy Provision: Relation of Earnings to Insurance
(a)
Subject to Subsection (b), an individual accident and health insurance policy must contain the following provision if the policy addresses the subject matter of the provision:(b)
The provision described by Subsection (a) may be included only in a policy that provides that the insured is entitled to continue the policy in force subject to its terms by the timely payment of premiums until the insured reaches at least 50 years of age or, if the policy was issued after the insured reached 44 years of age, until at least the fifth anniversary of the policy’s date of issuance.(c)
An insurer may include in the provision described by Subsection (a) a definition of “valid loss of time coverage.” The form of the definition must be approved by the commissioner. The subject matter of the definition must be limited to:(1)
coverage provided by:(A)
governmental agencies; or(B)
organizations subject to regulation by insurance laws or by insurance authorities of this or any other state or any province of Canada;(2)
any other coverage the inclusion of which is approved by the commissioner; or(3)
any combination of coverages described by Subdivisions (1) and (2).(d)
In the absence of a definition authorized under Subsection (c), “valid loss of time coverage” does not include:(1)
coverage provided for the insured under a compulsory benefit statute, including a workers’ compensation or employer’s liability statute; or(2)
benefits provided by:(A)
a union welfare plan;(B)
an employer benefit organization; or(C)
an employee benefit organization.
Source:
Section 1201.222 — Policy Provision: Relation of Earnings to Insurance, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.1201.htm#1201.222 (accessed May 4, 2024).
