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State Law
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Texas Insurance Code - Not Codified - Chapter 21A Insurer Receivership ActLegal Research Home > Texas Lawyer > Insurance Code - Not Codified > Texas Insurance Code - Not Codified - Chapter 21A Insurer Receivership Act (a) This chapter may be cited as the Insurer Receivership Act. (b) This chapter may not be interpreted to limit the powers granted the commissioner ... This chapter and the state law governing insurance guaranty associations constitute this state's insurer receivership laws and shall be construed together in a manner that ... The provisions of this chapter apply to all: (1) insurers who are doing or have done an insurance business in this state and against whom ... (a) For the purposes of this chapter: (1) "Affiliate," "control," and "subsidiary" have the meanings assigned by Chapter 823. (2) "Alien insurer" means an insurer ... (a) A delinquency proceeding may not be commenced under this chapter by a person other than the commissioner, and a court does not have jurisdiction ... The receiver may not be required to pay any filing, recording, transcript, or authenticating fee to any public officer in this state. Added by Acts ... (a) Upon written request to the receiver, a person must be placed on the service list to receive notice of matters filed by the receiver. ... (a) The receivership court may issue any order, process, or judgment, including stays, injunctions, or other orders, as necessary or appropriate to carry out the ... (a) If applicable law, an order, or an agreement fixes a period within which the insurer may commence an action, and this period has not ... (a) Any present or former officer, manager, director, trustee, owner, employee, or agent of any insurer, or any other persons with authority over or in ... (a) An allegation by the receiver of improper or fraudulent conduct against any person may not be the basis of a defense to the enforcement ... (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 ... (a) The receiver may assume or reject any executory contract or unexpired lease of the insurer. (b) Neither the filing of a petition commencing delinquency ... (a) The receiver shall use a competitive bidding process in the selection of any special deputies appointed under Section 21A.102 or 21A.154. The process must ... (a) For the purposes of this section, the persons entitled to immunity and indemnification and those entitled to immunity only, as applicable, are: (1) all ... (a) The receiver may pay any expenses under contracts, leases, employment agreements, or other arrangements entered into by the insurer prior to receivership, as the ... (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 ... (a) Upon entry of an order of rehabilitation or liquidation, the receiver is vested with title to all of the books, documents, papers, policy information, ... (a) The commissioner may file in a district court of Travis County a petition with respect to an insurer domiciled in this state, an unauthorized ... (a) Any formal delinquency proceeding against a person shall be commenced by filing a petition in the name of the commissioner or department. (b) The ... (a) The receivership court shall hold a summary hearing at the time and date for the return of summons on a petition to commence a ... (a) The receivership court shall proceed to hear the case on the petition to commence a formal delinquency proceeding at the time and date set ... (a) The receivership court shall enter judgment on the petition to commence formal delinquency proceedings not later than the 15th day after the date of ... (a) The commissioner, rehabilitator, or liquidator may share documents, materials, or other information in the possession, custody, or control of the department without regard to ... The commissioner may file with a court in this state a petition with respect to an insurer domiciled in this state or an unauthorized insurer ... If the commissioner establishes any of the grounds provided in Section 21A.057, the receivership court shall grant the petition and issue the order of rehabilitation ... Neither the filing of a petition under this chapter nor the entry of any order of seizure, rehabilitation, or liquidation constitutes a breach or an ... (a) An order to rehabilitate the business of an insurer must appoint the commissioner and the commissioner's successors in office as the rehabilitator and must ... (a) The rehabilitator may appoint one or more special deputies. A special deputy serves at the pleasure of the rehabilitator and has all the powers ... (a) The rehabilitator shall prepare and file a plan to effect rehabilitation with the receivership court not later than the first anniversary of the entry ... (a) When the rehabilitator believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public or ... (a) The receiver shall notify any potentially obligated guaranty association or the guaranty association's representative concerning the entry of a rehabilitation order and shall update ... (a) An order to liquidate the business of an insurer shall appoint the commissioner and any successor in office as the liquidator and shall direct ... (a) Notwithstanding any policy or contract language or any other statute, all reinsurance contracts by which the insurer has assumed the insurance obligations of another ... (a) Notwithstanding the entry of a liquidation order, the liquidator may apply for an order to sell or dissolve the corporate entity or charter of ... (a) The liquidator may appoint a special deputy or deputies to act for the liquidator under this chapter and employ or contract with legal counsel, ... (a) Unless the receivership court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible: ... (a) Every person who represented the insurer as an agent and receives notice in the form prescribed in Section 21A.155 that the insurer is the ... (a) If the receiver determines that funds or property in the possession of another person are rightfully the property of the estate, the receiver shall ... (a) The receiver has a right to recover from any affiliate of the insurer any property of the insurer transferred to or for the benefit ... (a) Except as provided by this section, the receiver may avoid any transfer of an interest of the insurer in property or any obligation incurred ... (a) A "preference" is a transfer of any interest in property of an insurer that: (1) is made to or for the benefit of a ... (a) The receiver may avoid any transfer of an interest of the insurer in property, any reinsurance transaction, or any obligation incurred by an insurer ... (a) The receiver may avoid any transfer of or lien upon the property of, or obligation incurred by, an insurer that the insurer or a ... (a) Except as otherwise provided in this section, to the extent that the receiver obtains an order under Section 21A.201 or avoids a transfer under ... (a) A claim of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment, or encumbrance voidable under this chapter may not ... (a) All mutual debts or mutual credits, whether arising out of one or more contracts between the insurer and another person in connection with any ... (a) As soon as practicable, but not later than the fourth anniversary of the date of an order of receivership of an insurer issuing assessable ... (a) If the receiver has claims under policies covered by reinsurance, the liability of the reinsurer to the receiver under the policies reinsured may not ... (a) An insured shall pay, either directly to the receiver or to any agent that has paid or is obligated to pay the receiver on ... (a) Any collateral held to secure the obligations of a policyholder under a deductible agreement with an insurer subject to a delinquency proceeding under this ... (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 ... (a) Proof of claim consists of a statement signed by the claimant or on behalf of the claimant that includes all of the following, as ... (a) Except as provided in Subsections (i) and (l), the liquidator shall review all claims duly filed in the liquidation proceeding and shall further investigate ... (a) Subject to the provisions of Section 21A.253, any insured has the right to file a claim for the protection afforded under the insured's policy, ... (a) A claim of an insured or third party may be allowed under Section 21A.253, regardless of the fact that the claim was contingent or ... (a) When any third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim ... (a) When objections to the liquidator's proposed treatment of a claim are filed and the liquidator does not alter the determination of the claim as ... The liquidator shall present to the receivership court, for approval, reports of claims settled or determined by the liquidator under Section 21A.253. The reports must ... If a creditor does not timely file a proof of the creditor's claim, an entity that is liable to the creditor together with the insurer, ... (a) The value of any security held by a secured creditor must be determined in one of the following ways: (1) by converting the same ... (a) Notwithstanding any other provision of this chapter, including any other provision of this chapter permitting the modification of contracts, or other law of this ... The priority of payment of distributions on unsecured claims must be in accordance with the order in which each class of claims is set forth ... (a) With the approval of the receivership court, the liquidator may declare and pay one or more distributions to claimants whose claims have been allowed. ... (a) For purposes of this section, "distributable assets" means all general assets of the liquidation estate less: (1) amounts reserved, to the extent necessary and ... (a) If any funds of the receivership estate remain unclaimed after the final distribution under Section 21A.302, the funds must be placed in a segregated ... Until all payments of or on account of the insurer's contractual obligations by all guaranty associations, along with all expenses of the obligations and interest ... When all property justifying the expense of collection and distribution has been collected and distributed under this chapter, the liquidator shall apply to the receivership ... After the liquidation proceeding has been terminated and the liquidator discharged, the commissioner or other interested party may at any time petition the court to ... (a) When it appears to the receiver that the records of the insurer in receivership are no longer useful, the receiver may recommend to the ... (a) The receivership court may, as it deems desirable, order audits to be made of the books of the receiver relating to any receivership established ... (a) The commissioner may initiate an action against a foreign insurer pursuant to Section 21A.051 on any of the grounds stated in that section or ... Texas Lawyers
Last modified: August 10, 2007 |