Sec. 443.351. CONDITION ON RELEASE FROM DELINQUENCY PROCEEDINGS. Until all payments of or on account of the insurer's contractual obligations by all guaranty associations, along with all expenses of the obligations and interest on all the payments and expenses, are repaid to the guaranty associations, unless otherwise provided in a plan approved by the guaranty association, an insurer that is subject to any formal delinquency proceedings may not:
(1) solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority;
(2) be returned to the control of its shareholders or private management; or
(3) have any of its assets returned to the control of its shareholders or private management.
Added by Acts 2005, 79th Leg., Ch. 995 (H.B. 2157), Sec. 1, eff. September 1, 2005.
Redesignated from Insurance Code - Not Codified, Art/Sec 21A.351 by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 3B.004(a)(1), eff. September 1, 2007.
Redesignated from Insurance Code - Not Codified, Art/Sec 21A.351 by Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 9.004(a)(1), eff. September 1, 2007.
Structure Texas Statutes
Title 4 - Regulation of Solvency
Subtitle C - Delinquent Insurers
Chapter 443 - Insurer Receivership Act
Section 443.351. Condition on Release From Delinquency Proceedings
Section 443.352. Termination of Liquidation Proceedings
Section 443.353. Reopening Receivership
Section 443.354. Disposition of Records During and After Termination of Receivership