Texas Insurance Code - Not Codified - Section 21A.012. Unrecorded Obligations And Defenses Of Affiliates
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Sec. 21A.012. UNRECORDED OBLIGATIONS AND DEFENSES OF
AFFILIATES. (a) In any proceeding or claim by the receiver, an
affiliate, controlled or controlling person, or present or former
officer, manager, director, trustee, or shareholder of the insurer
may not assert any defense, unless evidence of the defense was
recorded in the books and records of the insurer at or about the
time the events giving rise to the defense occurred and, if required
by statutory accounting practices and procedures, was timely
reported on the insurer's official financial statements filed with
the department.
(b) An affiliate, controlled or controlling person, or
present or former officer, manager, director, trustee, or
shareholder of the insurer may not assert any claim, unless the
obligations were recorded in the books and records of the insurer at
or about the time the obligations were incurred and, if required by
statutory accounting practices and procedures, were timely
reported on the insurer's official financial statements filed with
the department.
(c) Claims by the receiver against any affiliate,
controlled or controlling person, or present or former officer,
manager, director, trustee, or shareholder of the insurer based on
unrecorded or unreported transactions are not barred by this
section.
Added by Acts 2005, 79th Leg., ch. 995, Sec. 1, eff. Sept. 1, 2005.
Section: 21A.005 21A.006 21A.007 21A.008 21A.009 21A.010 21A.011 21A.012 21A.013 21A.0135 21A.014 21A.015 21A.016 21A.017 21A.051
Last modified: August 11, 2007
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