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Texas Insurance Code - Chapter 422 Asset Protection ActLegal Research Home > Texas Lawyer > Insurance Code > Texas Insurance Code - Chapter 422 Asset Protection Act Sponsored LinksThis chapter may be cited as the Asset Protection Act. Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007. ... (a) The purposes of this chapter are to: (1) require an insurer to maintain unencumbered assets in an amount equal to the insurer's reserve liabilities; ... In this chapter: (1) "Asset" means any property in which an insurer owns a legal or equitable interest. (2) "Claimant" means an owner, beneficiary, assignee, ... This chapter applies to: (1) the following domestic insurers: (A) a stock life, health, or accident insurance company; (B) a mutual life, health, or accident ... (a) This chapter does not apply to: (1) variable contracts for which separate accounts are required to be maintained; (2) a reinsurance agreement or any ... If this chapter conflicts with another law relating to the subject matter or application of this chapter, this chapter controls. Added by Acts 2005, 79th ... (a) An insurer shall at all times maintain unencumbered assets in an amount equal to the insurer's reserve liabilities. (b) An insurer may not pledge ... (a) Not later than the 10th day after the date an insurer pledges or otherwise encumbers an asset, the insurer shall report in writing to ... (a) A person, corporation, association, or other legal entity that accepts as security for an insurer's debt or other obligation a pledge or encumbrance of ... If an insurer is involuntarily or voluntarily liquidated, a claimant of the insurer has a prior and preferential claim against all assets of the insurer ... Last modified: August 11, 2007 |