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Texas Insurance Code - Not Codified - Section 21A.016. Financial Reporting

Legal Research Home > Texas Lawyer > Insurance Code - Not Codified > Texas Insurance Code - Not Codified - Section 21A.016. Financial Reporting

Sec. 21A.016. FINANCIAL REPORTING.  (a) Not later than the
120th day after the date of entry of an order of receivership by the
receivership court, and at least quarterly after that date, the
receiver shall file a financial report with the receivership court.
A financial report filed under this subsection at a minimum, must
include:
	(1)  a statement of the assets and liabilities of the
insurer;
	(2)  the changes in those assets and liabilities;  and
	(3)  all funds received or disbursed by the receiver during
the period covered by the report.
	(b)  The receivership court shall require a financial report
filed under Subsection (a) to comply with all receivership
financial reporting requirements specified by the National
Association of Insurance Commissioners and adopted in this state by
rule by the commissioner.
	(c)  Not later than the 120th day after the date of entry of
an order of liquidation by the receivership court, and at least
quarterly after that date, or at other intervals as may be agreed to
between the liquidator and the guaranty associations, but in no
event less than annually, each affected guaranty association shall
file reports with the liquidator.  The reports must be in a format
compatible with that specified by the National Association of
Insurance Commissioners.  Reports under this subsection shall be
filed with the receivership court.

Added by Acts 2005, 79th Leg., ch. 995, Sec. 1, eff. Sept. 1, 2005.

Last modified: August 11, 2007