Texas Insurance Code - Section 442.107. Duty Of Receiver To Conduct Insurer's Business
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§ 442.107. DUTY OF RECEIVER TO CONDUCT INSURER'S
BUSINESS. (a) On taking possession of the assets of a delinquent
insurer, the receiver shall, subject to the direction of the court,
immediately begin conducting the insurer's business or taking any
steps necessary to conserve the assets and protect the rights of
policyholders and claimants for the purpose of liquidating,
rehabilitating, reinsuring, reorganizing, or conserving the
affairs of the insurer.
(b) Notwithstanding the requirements of Subsection (a) or
the terms of any insurance contract issued by a delinquent insurer,
the receiver is not required to defend any action against an insured
of a delinquent insurer.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 442.056 442.101 442.102 442.103 442.104 442.105 442.106 442.107 442.108 442.109 442.110 442.111 442.112 442.113 442.114
Last modified: August 11, 2007
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