(a) If the buyer's guide and the disclosure document required by this subchapter are not provided at or before the time of application, a free look period of at least 15 calendar days must be provided during which the applicant may return the contract without penalty.
(b) Notice of the free look period required under this section must be provided to consumers in a notice that is included on or attached to the cover page of the delivered annuity contract. The notice must prominently disclose information concerning the 15-day free look period.
(c) The free look period must begin on the date the consumer receives the annuity contract and must run concurrently with any other free look period required under the Texas Administrative Code, the Texas Insurance Code, or another law of this state.
(d) An unconditional refund without penalty for purposes of this section for variable or modified guaranteed annuity contracts means a refund equal to the cash surrender value provided in the annuity contract, plus any fees or charges deducted from the premiums or imposed under the contract.
(e) The refund and free look period requirements in this section do not apply if the prospective owner is an accredited investor, as defined in Regulation D as adopted by the United States Securities and Exchange Commission.

Source Note: The provisions of this §4.2311 adopted to be effective March 1, 2011, 36 TexReg 1281; transferred effective September 1, 2023, as published in the July 28, 2023, issue of the Texas Register, 48 TexReg 4127; amended to be effective January 24, 2024, 49 TexReg 250