Texas Insurance Code - Section 463.303. Assets Attributable To Covered Policies
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§ 463.303. ASSETS ATTRIBUTABLE TO COVERED POLICIES. (a)
For the purposes of this section, assets attributable to covered
policies are the proportion of the assets that the reserves that
should have been established for the covered policies bear to the
reserves that should have been established for all insurance
policies written by the impaired or insolvent insurer.
(b) To carry out the association's obligations under this
chapter, the association is considered a creditor of the impaired
or insolvent insurer to the extent of assets attributable to
covered policies, less any amount to which the association is
entitled as subrogee under Section 463.261.
(c) Assets of the impaired or insolvent insurer
attributable to covered policies shall be used to continue all
covered policies and pay all contractual obligations of the
impaired or insolvent insurer as required by this chapter.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 463.257 463.258 463.259 463.260 463.261 463.301 463.302 463.303 463.304 463.351 463.352 463.353 463.354 463.355 463.356
Last modified: August 10, 2007
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