Sec. 441.159. DURATION OF CONSERVATORSHIP. (a) Except as provided by Subsection (b), a conservator appointed under this chapter shall complete the conservator's duties as required by this chapter not later than the 90th day after the date of appointment.
(b) If the commissioner issues written findings that there is a substantial likelihood of rehabilitation of the insurer in conservatorship, the commissioner may extend the conservatorship for additional successive 30-day periods. The total period of extensions may not exceed 180 consecutive days. A hearing is not required before the commissioner issues the findings.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Structure Texas Statutes
Title 4 - Regulation of Solvency
Subtitle C - Delinquent Insurers
Chapter 441 - Supervision and Conservatorship
Section 441.151. Appointment of Conservator
Section 441.152. Notice of Conservatorship
Section 441.153. Powers and Duties of Conservator
Section 441.154. Payment of Claims
Section 441.155. Reinsurance During Conservatorship
Section 441.156. Hearings During Conservatorship