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Texas Insurance Code - Not Codified - Section 21A.251. Filing Of Claims

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Sec. 21A.251. FILING OF CLAIMS.  (a) Except as provided by
this subsection, proof of all claims must be filed with the
liquidator in the form required by Section 21A.252 on or before the
last day for filing specified in the notice required under Section
21A.155, which date may not be later than 18 months after entry of
the order of liquidation, unless the receivership court, for good
cause shown, extends the time, except that proofs of claims for cash
surrender values or other investment values in life insurance and
annuities and for any other policies insuring the lives of persons
need not be filed unless the liquidator expressly so requires.  The
receivership court, only upon application of the liquidator, may
allow alternative procedures and requirements for the filing of
proofs of claim or for allowing or proving claims.  Upon
application, if the receivership court dispenses with the
requirements of filing a proof of claim by a person or a class or
group of persons, a proof of claim for the person, class, or group
is deemed to have been filed for all purposes, except that the
receivership court's waiver of proof of claim requirements does not
impact guaranty association proof of claim filing requirements or
coverage determinations to the extent the guaranty fund statute or
filing requirements are inconsistent with the receivership court's
waiver of proof.
	(b)  The liquidator shall permit a claimant that makes a late
filing to share ratably in distributions, whether past or future,
as if the claim were not filed late, to the extent that the payment
will not prejudice the orderly administration of the liquidation,
under the following circumstances:
	(1)  the eligibility to file a proof of claim was not known to
the claimant, and the claimant filed a proof of claim not later than
the 90th day after the date of first learning of the eligibility;
	(2)  a transfer to a creditor was avoided under Section
21A.202, 21A.203, 21A.204, or 21A.206, or was voluntarily
surrendered under Section 21A.208, and the filing satisfies the
conditions of Section 21A.208;  or
	(3)  the valuation under Section 21A.260, of security held by
a secured creditor shows a deficiency, and the claim for the
deficiency is filed not later than the 30th day after the valuation.
	(c)  The liquidator may petition the receivership court to
set a date before which all late claims under Subsection (b) must be
filed.
	(d)  The liquidator shall permit guaranty associations to
file claims late and to receive a ratable share of distributions,
whether past or future, as if the claims were not late.

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

Last modified: August 11, 2007