Texas Insurance Code Title 4, Chapter 422 - Asset Protection Act

SUBCHAPTER A GENERAL PROVISIONS

• Texas Section 422.001 - Short Title
  This chapter may be cited as the Asset Protection Act. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1,
• Texas Section 422.002 - Purposes
  (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;...
• Texas Section 422.003 - Definitions
  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,...
• Texas Section 422.004 - Applicability Of Chapter
  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...
• Texas Section 422.005 - Exemptions
  (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...

SUBCHAPTER B ENCUMBRANCE OF ASSETS

• Texas Section 422.006 - Conflict With Other Law
  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...
• Texas Section 422.051 - Restrictions On Encumbrance Of Assets
  (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...
• Texas Section 422.052 - Report To Commissioner
  (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...
• Texas Section 422.053 - Claimant Lien On Certain Assets
  (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...
• Texas Section 422.054 - Preferential Claims On Liquidation
  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: September 28, 2016