Texas Insurance Code - Section 441.153. Powers And Duties Of Conservator
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§ 441.153. POWERS AND DUTIES OF CONSERVATOR. (a) The
conservator appointed for an insurer under Section 441.151 shall
immediately take charge of the insurer and all of the insurer's
property, books, records, and effects, conduct the insurer's
business, and act to remove the causes and conditions that made the
conservatorship order necessary, as directed by the commissioner.
(b) During the conservatorship, the conservator shall
provide reports to the commissioner as required by the commissioner
and may:
(1) take all necessary measures in the conservator's
own name as conservator to preserve, protect, or recover any asset
or property of the insurer, including a claim or cause of action
that the insurer may assert; and
(2) file a suit, or prosecute and defend a suit filed
by or against the insurer, as the conservator considers necessary
to protect all of the interested parties or any property affected by
the suit.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 441.101 441.102 441.103 441.104 441.105 441.151 441.152 441.153 441.154 441.155 441.156 441.157 441.158 441.159 441.160
Last modified: August 10, 2007
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