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Texas Insurance Code - Chapter 442 Liquidation, Rehabilitation, Reorganization, Or Conservation Of InsurersLegal Research Home > Texas Lawyer > Insurance Code > Texas Insurance Code - Chapter 442 Liquidation, Rehabilitation, Reorganization, Or Conservation Of Insurers Sponsored Links(a) In this chapter: (1) "Assets" means all property, whether specifically mortgaged, pledged, deposited, or otherwise encumbered for the security or benefit of specified persons ... The employees of the commissioner acting as receiver are employees of the department for the purposes of: (1) reporting payroll information to the uniform statewide ... The commissioner shall oversee special deputy receivers and guaranty associations. Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007. ... If this chapter conflicts with any other law, this chapter prevails. Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007. ... If, under a law of this state, a court of competent jurisdiction finds that a receiver should take charge of the assets of an insurer ... (a) The commissioner may appoint, set the compensation of, and contract with one or more qualified special deputy receivers to act for the commissioner under ... A special deputy receiver must file with the commissioner a bond that is: (1) in an amount established by the commissioner; (2) payable to the ... (a) Unless restricted by the commissioner, a special deputy receiver has all the powers of a receiver granted under this code and may perform any ... (a) In performing the duties of receiver under this chapter, the commissioner, a special deputy receiver, or an agent or employee of the commissioner or ... (a) The following persons are not liable, and a cause of action does not arise against any of the following persons, for a good faith ... Exclusive venue of delinquency proceedings is in Travis County. Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007. ... Except as otherwise directed by the court or expressly provided by this chapter, the rights and liabilities of an insurer that is the subject of ... (a) The assets of an insurer that is the subject of a delinquency proceeding are in the custody of the court as of the date ... (a) The receiver shall promptly take possession of the assets of an insurer that is the subject of a delinquency proceeding and, as the court ... The court may require: (1) the receiver to provide one or more bonds; and (2) if considered desirable by the court for the protection of ... (a) The officers, directors, shareholders, members, trustees, managing general agents, agents, administrators, claims adjusters, managers, attorneys-in-fact, and associate, deputy, or substitute attorneys-in-fact of a delinquent ... (a) On taking possession of the assets of a delinquent insurer, the receiver shall, subject to the direction of the court, immediately begin conducting the ... (a) Except as provided by Subsection (b), the receiver may, subject to the approval of the court: (1) sell or otherwise dispose of all or ... (a) To facilitate the rehabilitation, liquidation, conservation, or dissolution of an insurer under this chapter, the receiver may, subject to the approval of the court: ... (a) Except as otherwise provided by this section, the receiver shall promptly deposit all money collected into the Texas Treasury Safekeeping Trust Company in accordance ... The receiver shall: (1) file with the department on the department's request reports showing the operation, receipts, expenditures, and general condition of any insurer of ... (a) A special deputy receiver shall submit a monthly written report to the court and the commissioner that states the special deputy receiver's business plan ... A special deputy receiver shall report to the insurance fraud unit any information discovered in the administration of a receivership relating to possible fraudulent, deceptive, ... (a) The commissioner or special deputy receiver shall pay the compensation of the special deputy receiver and all other expenses of a liquidation out of ... (a) On application by the receiver, the receivership court, with or without notice, may issue: (1) an injunction restraining the insurer named in the order, ... The receiver for an insurer may deny a claim, judgment, lien, preference, or demand made or obtained against the insurer or the receiver after the ... (a) A judgment or order of a court of this state or of another jurisdiction in an action pending by or against a delinquent insurer ... (a) The receiver is not required to plead to any action in which the receiver is a proper plaintiff or defendant in any court in ... The court of competent jurisdiction of the county in which the delinquency proceeding is pending has exclusive venue to hear and determine all actions or ... The receiver may request the court to issue ex parte a subpoena to compel the attendance and testimony of a witness before the receiver and ... A subpoena issued under this subchapter may be served, at the receiver's discretion, by the receiver, the receiver's authorized agent, a sheriff, or a constable. ... (a) On application of the receiver in the case of disobedience of a subpoena or the contumacy of a witness appearing before the receiver or ... (a) A witness who is not a party and who is required to appear before the receiver is entitled to receive: (1) reimbursement for mileage ... (a) On certification by the receiver or commissioner under official seal, any book, account, paper, correspondence, document, or other record produced or testimony taken under ... A person served with a subpoena under this subchapter may file a motion with the court for a protective order as provided by Rule 192.6, ... (a) If a liquidation, rehabilitation, or conservation order has been entered in a delinquency proceeding, each person who may have a claim against the insurer ... (a) A proof of claim must be in writing and signed by the claimant and must include: (1) a statement of the claim; (2) a ... (a) A claim based on an unliquidated or undetermined demand must be presented within the time limit provided by this chapter for presenting a claim. ... (a) If a court has entered a liquidation, rehabilitation, or conservation order in a delinquency proceeding, a person who has a cause of action against ... (a) Except as provided by Subsection (b), the receiver shall set off mutual debts and mutual credits arising out of one or more contracts between ... (a) The receiver may approve or reject a claim filed against the insurer. (b) On a rejection of a claim in whole or in part, ... (a) The receiver's rejection of a claim may be appealed in the court. The appeal must be brought within three months after the date of ... (a) An interested party may object to a claim not rejected by the receiver by filing an objection with the receiver. (b) The receiver shall ... Notwithstanding any other provision of this chapter, the receiver shall refer a claim covered by a guaranty fund created under Chapter 462, 463, or 2602 ... (a) The receiver shall notify the Texas Workers' Compensation Commission immediately on a finding of insolvency or impairment with regard to an insurance company that ... A transfer of or lien on the assets of an insurer is voidable if the transfer or lien was: (1) made or created: (A) within ... (a) The following persons are personally liable for the property of the insurer or the benefit of that property received as a result of a ... The receiver may: (1) avoid a transfer of or lien on the assets of an insurer that a creditor, shareholder, or member of the insurer ... (a) Not later than the fourth anniversary of the date of an order of rehabilitation or liquidation of a domestic insurer, the receiver may apply ... (a) After giving notice in the manner designated by the court to each member or insured described by Section 442.301, the court shall consider the ... After the court enters an order of assessment under Section 442.302 and after the time for appeal expires, the receiver shall collect the assessments. The ... The provisions of this subchapter are in addition to any other remedies for the levy and collection of assessments. Added by Acts 2005, 79th Leg., ... (a) If the receiver has a claim under an insurance policy covered by reinsurance, the liability of the reinsurer to the receiver under the reinsured ... (a) Within a reasonable time after a claim against the receiver under an insurance policy covered by reinsurance is filed in the delinquency proceeding, the ... (a) A book, paper, document, or record of a delinquent insurer received by the receiver and held in the course of the delinquency proceeding or ... (a) The receiver may: (1) certify to the correctness of a book, paper, document, or record of the receiver's office, including a book, paper, document, ... (a) The receiver may devise a method for the effective, efficient, and economical maintenance of the records of the delinquent insurer and of the receiver's ... On approval by the court, the receiver may dispose of any records of the delinquent insurer that are obsolete and unnecessary to the continued administration ... Chapter 552, Government Code, does not apply to any record of a receivership estate, or to any record of an insurer before the insurer's receivership, ... (a) The commissioner shall adopt rules, after submitting the rules to the state auditor for review and comment, prescribing the audits required for the receiver ... (a) The state auditor may conduct an audit of the receiver in accordance with the audit plan under Chapter 321, Government Code. The state auditor ... (a) A court in which a receivership action is pending may order an audit of the books and records of the receiver relating to the ... (a) Not later than the 120th day after the date of the commencement of an insolvency proceeding against an impaired insurer, the receiver may apply ... (a) A proposal to distribute assets under Section 442.501 must include provisions for: (1) reserving amounts sufficient to allow the payment of Class 1 claims; ... (a) The receiver shall give notice of an application for approval of a proposal to distribute assets to a guaranty association or foreign guaranty association ... (a) The priorities provided by this section are established to: (1) provide for the orderly liquidation of a receivership estate; and (2) further the protection ... (a) The receiver shall pay as a Class 1 claim under Section 442.551 wages owed to employees of an insurer against which a temporary restraining ... (a) The receiver may pay wages owed to employees of an insurer against which a temporary injunction has been issued under this chapter for services ... (a) The owner of a secured claim against an insurer for which a receiver has been appointed in any state may surrender the owner's security ... (a) On the direction and approval of the court and in accordance with the priorities provided by this subchapter, the receiver may make periodic dividend ... (a) If a claimant of another state or of a foreign country is entitled to or receives a dividend on the claim out of a ... On the declaration of a dividend, the receiver shall apply the amount of the dividend against any debt owed to the insurer by the person ... (a) Each claim under a separate account established under Chapter 1152 shall be satisfied out of the portion of the assets in the separate account ... Interest does not accrue on a claim after the date of the commencement of a delinquency proceeding. Added by Acts 2005, 79th Leg., ch. 727, ... (a) Except as provided by Subsection (b), any unclaimed dividend on an approved claim, unclaimed returned assessment, or other unclaimed money that is subject to ... (a) On receipt of satisfactory written and verified proof of ownership not later than the second anniversary of the date money is deposited with the ... (a) After money deposited with the comptroller under Section 442.601 has remained unclaimed for two years, the receiver may initiate an action to declare the ... (a) At a hearing on an application filed under Section 442.603, proof to the satisfaction of the court of the following is prima facie evidence ... (a) Any assets other than cash that remain in the possession of the receiver after payment of the final dividend in a receivership estate may ... (a) On application by the commissioner and after notice and hearing, a court of competent jurisdiction of Travis County may make an order directing disposition ... (a) The receiver, with the consent of the department, may spend money deposited by the department under Sections 442.604 and 442.606 to: (1) pay expenses ... (a) After the receiver has provided for unclaimed dividends and all of the liabilities of a stock insurance company, the receiver shall call a meeting ... After the receiver has provided for unclaimed dividends and all of the liabilities of an insurer other than a stock insurance company, the receiver shall ... (a) Notwithstanding any other provision of this chapter, in closing a receivership estate, a special deputy receiver, on approval of the court, may transfer any ... (a) Except as otherwise provided by this section, each receivership or other delinquency proceeding prescribed by this chapter shall be administered in accordance with Section ... (a) If after the receivership has been closed by final order of the court the receiver discovers assets not known to the receiver during the ... (a) On the petition of the department, a court of competent jurisdiction in this state shall appoint the commissioner as ancillary receiver in this state ... (a) The ancillary receiver is entitled to sue for and possess the assets of the insurer in this state and has the same powers and ... If a receiver of a delinquent insurer has been appointed both in this state and in another state, the receiver in this state may, under ... The conduct of ancillary delinquency proceedings under this subchapter is subject to the other provisions of this chapter. Added by Acts 2005, 79th Leg., ch. ... An agency contract entered into on or after August 27, 1973, by an insurer writing fire and casualty insurance in this state must contain, or ... (a) On or after the cancellation date of insurance policies as stated in the court's order canceling the policies, the agent shall promptly account to ... This subchapter does not prejudice a cause of action by the receiver against an agent to recover: (1) unearned premiums that were not returned to ... This subchapter does not render the agent an agent of the receiver for earned or unearned premiums. Added by Acts 2005, 79th Leg., ch. 727, ... Last modified: August 11, 2007 |