Texas Insurance Code - Section 441.253. Powers And Duties Of Ancillary Supervisor Or Conservator
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§ 441.253. POWERS AND DUTIES OF ANCILLARY SUPERVISOR OR
CONSERVATOR. (a) An ancillary supervisor or ancillary conservator
appointed under this subchapter has all the powers provided by
Sections 441.153 and 441.155 with respect to the insurer's assets,
property, books, and records located in this state.
(b) An ancillary conservator appointed under this
subchapter may:
(1) reinsure all or part of the insurer's policies or
certificates in this state with a solvent insurer authorized to
engage in business in this state; and
(2) transfer to the reinsurer as reserves any assets
in the ancillary conservator's possession in an amount sufficient
to reinsure the policies or certificates.
(c) A transfer of assets under this section is not
considered a preference of a creditor.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 441.203 441.204 441.205 441.206 441.207 441.251 441.252 441.253 441.254 441.255 441.301 441.302 441.351 442.001 442.002
Last modified: August 11, 2007
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