Sec. 441.253. POWERS AND DUTIES OF ANCILLARY SUPERVISOR OR CONSERVATOR. (a) An ancillary supervisor or ancillary conservator appointed under this subchapter has all the powers provided by Sections 441.153 and 441.155 with respect to the insurer's assets, property, books, and records located in this state.
(b) An ancillary conservator appointed under this subchapter may:
(1) reinsure all or part of the insurer's policies or certificates in this state with a solvent insurer authorized to engage in business in this state; and
(2) transfer to the reinsurer as reserves any assets in the ancillary conservator's possession in an amount sufficient to reinsure the policies or certificates.
(c) A transfer of assets under this section is not considered a preference of a creditor.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Section: Previous 441.160 441.201 441.202 441.203 441.204 441.205 441.206 441.207 441.251 441.252 441.253 441.254 441.255 441.301 441.302 NextLast modified: September 28, 2016