Sec. 463.251. IMPAIRED DOMESTIC INSURER. (a) This section applies only to a member insurer that is an impaired domestic insurer.
(b) With the commissioner's approval, the association may:
(1) guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, one or more of the insurer's policies or contracts;
(2) provide money, pledges, notes, guarantees, or other means proper to:
(A) implement Subdivision (1); and
(B) ensure payment of the insurer's contractual obligations until action is taken under Subdivision (1); or
(3) loan money to the insurer.
(c) In taking action under Subsection (b), the association may impose any condition that:
(1) does not impair the insurer's contractual obligations; and
(2) is approved by:
(A) the commissioner; and
(B) the insurer, except in a conservation or rehabilitation ordered by a court.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Section: Previous 463.163 463.201 463.202 463.203 463.204 463.205 463.206 463.251 463.252 463.253 463.254 463.255 463.256 463.257 463.258 NextLast modified: September 28, 2016