Sec. 1108.051. EXEMPTIONS FOR CERTAIN INSURANCE AND ANNUITY BENEFITS. (a) Except as provided by Section 1108.053, this section applies to any benefits, including the cash value and proceeds of an insurance policy, to be provided to an insured or beneficiary under:
(1) an insurance policy or annuity contract issued by a life, health, or accident insurance company, including a mutual company or fraternal benefit society; or
(2) an annuity or benefit plan used by an employer or individual.
(b) Notwithstanding any other provision of this code, insurance or annuity benefits described by Subsection (a):
(1) inure exclusively to the benefit of the person for whose use and benefit the insurance or annuity is designated in the policy or contract; and
(2) are fully exempt from:
(A) garnishment, attachment, execution, or other seizure;
(B) seizure, appropriation, or application by any legal or equitable process or by operation of law to pay a debt or other liability of an insured or of a beneficiary, either before or after the benefits are provided; and
(C) a demand in a bankruptcy proceeding of the insured or beneficiary.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
Notes of Decisions
Cited in
24
cases (
5 in the last 5 years), 2006–2026 · leading case:
Soza v. Hill (In Re Soza), 542 F.3d 1060 (5th Cir. 2008).
Soza v. Hill (In Re Soza), 542 F.3d 1060 (5th Cir. 2008).
· cites it 2× “JONES, Chief Judge: The question presented in this bankruptcy appeal is whether an annuity purchased by a debtor couple the day before they sought bankruptcy relief is, under the facts here presented, exempt under Texas law, Tex. Ins. Code Ann. § 1108.051 , or non-exempt because…”
Gamble-Ledbetter v. Andra Grp., L.P., 419 B.R. 682 (Bankr. E.D. Tex. 2009).
· cites it 2× “As for Andra’s objection to the Debtor’s claim of exemption regarding the Liberty Life insurance policy under Tex. Ins.Code § 1108.051, et seq., the Court concludes that such objection must also be sustained.”
In Re Carlew, 469 B.R. 666 (Bankr. S.D. Tex. 2012).
· cites it 2× “In his Schedule C (Property Claimed as Exempt), the Debtor initially scheduled the full amount of Insurance Proceeds as exempt pursuant to Tex. Ins.Code § 1108.051. The Debtor also exempted various Annuity and IRA investment accounts (the Accounts) under the Texas Insurance Code.”
In Re Foster, 360 B.R. 210 (Bankr. E.D. Tex. 2006).
· cites it 3× “§ 522 (b)(2) and, pursuant to that election, he claimed the annuity as exempt property under Tex. Ins.Code § 1108.051. The Trustee timely objected to that exemption claim and further claimed that, if the annuity payments cannot be properly exempted from the bankruptcy estate,…”
Rodriguez v. Cyr (In re Cyr), 602 B.R. 315 (Bankr. W.D. Tex. 2019).
“Rather, In re Soza involved an objection to a Texas state-law exemption under Tex. Ins. Code Ann. § 1108.051 and whether an annuity purchased by a debtor was exempt or non-exempt because it was a "premium payment made in fraud of a creditor .”
Coffey v. Singer Asset Fin. Co., LLC, 223 S.W.3d 559 (Tex. App. 2007).
“22 § 1 (Vernon 1981)) (subsequent amendments omitted) (now codified at Tex. Ins.Code Ann. § 1108.051 (Vernon Supp.”
Milligan v. Trautman, 496 F.3d 366 (5th Cir. 2007).
“II This case centers on Texas Insurance Code § 1108.051, which provides: (a) .”
Milligan v. Trautman, 340 B.R. 773 (W.D. Tex. 2006).
“See Tex. Ins.Code Ann. § 1108.051 (West Pamphlet 2005) (“Section 1108.”
In re Wyly, 553 B.R. 318 (Bankr. N.D. Tex. 2016).
· cites it 10× “005, and (ii) the future payments Sam is to receive (the “Offshore Annuity Payments”) from the so-called private annuity agreements Sam entered into that were then assigned to the Isle of Man (“IOM”) corporations identified below (the “Annuity Agreements”), 11 which Sam claims…”
Acuna v. Connecticut Gen. Life Ins., 560 F. Supp. 2d 548 (E.D. Tex. 2008).
“§ 522 (d)(10)(C); Tex.Ins.Code § 1108.051(b)(2)). However, Defendants state that a debtor must still disclose assets that may be exempted in order to allow interested parties with an opportunity to object.”
— Tex. Ins. Code § 1108.051(a)(2) — 1 case
— Tex. Ins. Code § 1108.051(b)(2) — 1 case
Acuna v. Connecticut Gen. Life Ins., 560 F. Supp. 2d 548 (E.D. Tex. 2008).
“§ 522 (d)(10)(C); Tex.Ins.Code § 1108.051(b)(2)). However, Defendants state that a debtor must still disclose assets that may be exempted in order to allow interested parties with an opportunity to object.”
— Tex. Ins. Code § 1108.051(b)(2)(A) — 1 case
— Tex. Ins. Code § 1108.051(b)(2)(B) — 1 case
— Tex. Ins. Code § 1108.051(b)(2)(C) — 1 case
In Re Foster, 360 B.R. 210 (Bankr. E.D. Tex. 2006).
“§ 522 (b)(2) and, pursuant to that election, he claimed the annuity as exempt property under Tex. Ins.Code § 1108.051. The Trustee timely objected to that exemption claim and further claimed that, if the annuity payments cannot be properly exempted from the bankruptcy estate,…”
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