Texas Insurance Code - Section 462.164. Participation Receipts
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§ 462.164. PARTICIPATION RECEIPTS. (a) On receipt from a
member insurer of payment of an assessment or partial assessment
under Section 462.160 or 462.162(b), the association shall provide
the insurer with a participation receipt. A participation receipt
creates liability against the account described by Section 462.105
for the line or lines of business for which the assessment was made.
(b) The account from which an advance is made to an impaired
insurer for the payment of covered claims is a general creditor of
the impaired insurer for the money advanced. With reference to the
remaining balance of an advance not used to pay covered claims, the
claim of the account has preference over other general creditors.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 462.157 462.158 462.159 462.160 462.161 462.162 462.163 462.164 462.165 462.166 462.167 462.168 462.201 462.202 462.203
Last modified: August 10, 2007
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