Sec. 463.264. REINSURANCE. (a) The association may elect to succeed to the rights of an insolvent insurer under a contract of reinsurance to which the insolvent insurer is a party to the extent:
(1) of the contractual obligations of the covered policies for which the association may become obligated; and
(2) that the reinsurance contract provides coverage for losses occurring after the association is obligated to provide coverage.
(b) As a condition to making an election under Subsection (a), the association shall pay all unpaid premiums due under the reinsurance contract to which Subsection (a) refers for coverage relating to a period before and after the date the association is obligated to provide coverage.
Added by Acts 2011, 82nd Leg., R.S., Ch. 14 (S.B. 567), Sec. 10, eff. September 1, 2011.
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