Texas Insurance Code - Section 441.051. Circumstances Constituting Insolvency Or Delinquency
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§ 441.051. CIRCUMSTANCES CONSTITUTING INSOLVENCY OR
DELINQUENCY. For the purposes of this chapter, the circumstances
in which an insurer is considered insolvent, delinquent, or
threatened with delinquency include circumstances in which the
insurer:
(1) has required surplus, capital, or capital stock
that is impaired to an extent prohibited by law;
(2) continues to write new business when the insurer
does not have the surplus, capital, or capital stock that is
required by law to write new business;
(3) conducts the insurer's business fraudulently; or
(4) attempts to dissolve or liquidate without first
having made provisions satisfactory to the commissioner for
liabilities arising from insurance policies issued by the insurer.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 441.002 441.003 441.004 441.005 441.006 441.007 441.008 441.051 441.052 441.053 441.101 441.102 441.103 441.104 441.105
Last modified: August 10, 2007
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