Sec. 463.253. INSOLVENT INSURER. (a) This section applies only to a member insurer that is an insolvent insurer.
(b) The association shall provide money, pledges, guarantees, or other means reasonably necessary to discharge the insurer's duties and to:
(1) guarantee, assume, reissue, or reinsure, or cause to be guaranteed, assumed, reissued, or reinsured, the insurer's policies or contracts; or
(2) ensure payment of the insurer's contractual obligations.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 432 (S.B. 1153), Sec. 18, eff. September 1, 2019.
Structure Texas Statutes
Title 4 - Regulation of Solvency
Subtitle D - Guaranty Associations
Chapter 463 - Texas Life and Health Insurance Guaranty Association
Subchapter F. Powers and Duties of Association Relating
Section 463.251. Impaired Domestic Insurer
Section 463.252. Impaired Domestic, Foreign, or Alien Insurer Not Paying Claims
Section 463.253. Insolvent Insurer
Section 463.254. Life or Health Insurance Policies or Contracts
Section 463.255. Policy or Contract With Guaranteed Interest Rate
Section 463.256. Alternative Policy
Section 463.257. Imposition of Lien or Moratorium
Section 463.258. Premium for Reissuance of Terminated Coverage
Section 463.259. Premium Due During Receivership
Section 463.260. Limits on and Termination of Association Obligation
Section 463.261. Assignment of Rights