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Texas Insurance Code - Section 463.257. Imposition Of Lien Or Moratorium

Legal Research Home > Texas Lawyer > Insurance Code > Texas Insurance Code - Section 463.257. Imposition Of Lien Or Moratorium

§ 463.257. IMPOSITION OF LIEN OR MORATORIUM.  To carry 
out the association's duties under this chapter and with the court's 
approval, the association may:
		(1)  impose a permanent policy or contract lien in 
connection with any guarantee, assumption, or reinsurance 
agreement if the association determines that:
			(A)  the amounts that may be assessed under this 
chapter are insufficient to ensure full and prompt performance of 
the association's duties under this chapter;  or
			(B)  adverse economic or financial conditions 
affecting member insurers make imposition of the lien in the public 
interest;  or
		(2)  in addition to any contractual provision for 
deferral of cash or policy loan value, impose a temporary 
moratorium or lien on payment of cash values and policy loans or the 
exercise of any other right to withdraw money held in connection 
with a policy or contract.

Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.           

Last modified: August 11, 2007