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Texas Insurance Code - Section 463.301. Issuance Or Renewal Of Policies Following Conservatorship Or Receivership

Legal Research Home > Texas Lawyer > Insurance Code > Texas Insurance Code - Section 463.301. Issuance Or Renewal Of Policies Following Conservatorship Or Receivership

§ 463.301. ISSUANCE OR RENEWAL OF POLICIES FOLLOWING 
CONSERVATORSHIP OR RECEIVERSHIP.  (a) If an assessment has been 
made under this chapter for the insurer or guaranty fees have been 
provided for the insurer, an impaired insurer placed in 
conservatorship or receivership may not issue a new or renewal 
insurance policy on release from the conservatorship or 
receivership until the insurer has repaid in full the amount of 
guaranty fees provided by the association.
	(b)  Notwithstanding Subsection (a), on application of the 
association and after hearing, the commissioner may permit the 
insurer to issue new policies as provided by a plan of operation by 
the insurer for repayment.  In approving the plan, the commissioner 
may restrict the issuance of new or renewal policies as necessary to 
implement the plan.
	(c)  The commissioner shall give 10 days' notice of the 
hearing to the association.  The association and the member 
insurers that paid assessments in relation to the impaired insurer 
are entitled to appear at and participate in the hearing.
	(d)  Money recovered against an impaired insurer under this 
section shall be repaid to the member insurers that paid 
assessments in relation to the impaired insurer on return of the 
member insurers' certificates of contribution.

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

Last modified: August 10, 2007