Sec. 2054.154. COMPANY ASSETS; STATE LIABILITY. (a) All money, revenues, and other assets of the company belong solely to the company and are governed by the laws applicable to domestic mutual insurance companies.
(b) The state:
(1) covenants with the company's policyholders, persons receiving workers' compensation benefits, and the company's creditors that the state will not borrow, appropriate, or direct payments from the company's money, revenues, or other assets for any purpose; and
(2) has no liability or responsibility to those policyholders, persons receiving benefits, or creditors if the company is placed in conservatorship or receivership or becomes insolvent.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 2, eff. April 1, 2007.
Structure Texas Statutes
Title 10 - Property and Casualty Insurance
Subtitle E - Workers' Compensation Insurance
Chapter 2054 - Texas Mutual Insurance Company
Subchapter D. Operation of Company; Financial Administration
Section 2054.151. Purposes of Company
Section 2054.152. Payment of Taxes, Fees, and Other Charges
Section 2054.153. Membership in Texas Property and Casualty Insurance Guaranty Association
Section 2054.154. Company Assets; State Liability
Section 2054.155. Required Reserves