Texas Insurance Code - Section 422.002. Purposes
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§ 422.002. PURPOSES. (a) The purposes of this chapter
are to:
(1) require an insurer to maintain unencumbered assets
in an amount equal to the insurer's reserve liabilities;
(2) provide preferential claims against assets in
favor of an owner, beneficiary, assignee, certificate holder, or
third-party beneficiary of an insurance policy; and
(3) prevent the pledge or encumbrance of assets in
excess of certain amounts without a prior written order of the
commissioner.
(b) This chapter and the powers granted and functions
authorized by this chapter shall be exercised to accomplish the
purposes of this chapter.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 404.006 404.051 404.052 404.053 421.001 421.002 422.001 422.002 422.003 422.004 422.005 422.006 422.051 422.052 422.053
Last modified: August 11, 2007
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