Texas Insurance Code - Section 463.261. Assignment Of Rights
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§ 463.261. ASSIGNMENT OF RIGHTS. (a) A person receiving
a benefit under this chapter, including a payment of or on account
of a contractual obligation, continuation of coverage, or provision
of substitute or alternative coverage, is considered to have
assigned to the association the rights under, and any cause of
action relating to, the covered policy to the extent of the benefit
received. The association may require a payee, policy or contract
owner, beneficiary, insured, or annuitant to assign the person's
rights and cause of action to the association as a condition of
receiving a right or benefit under this chapter.
(b) The association's subrogation rights under Subsection
(a) have the same priority against the assets of the impaired or
insolvent insurer as that held by the person entitled to receive a
benefit under this chapter.
(c) The association has all common law rights of subrogation
and any other equitable or legal remedy that would have been
available to the impaired or insolvent insurer or holder of a policy
or contract with respect to the policy or contract.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 463.254 463.255 463.256 463.257 463.258 463.259 463.260 463.261 463.301 463.302 463.303 463.304 463.351 463.352 463.353
Last modified: August 10, 2007
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