Sec. 463.354. DEMAND TO CURE IMPAIRMENT. (a) When an impairment is declared and the amount of the impairment is determined, the commissioner shall serve a demand on the impaired insurer to cure the impairment within a reasonable time.
(b) Notice of the demand under Subsection (a) to the impaired insurer constitutes notice to any shareholders of the insurer.
(c) Failure of the impaired insurer to comply promptly with the demand does not excuse the association from exercising the association's powers and performing the association's duties under this chapter.
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 D - Guaranty Associations
Chapter 463 - Texas Life and Health Insurance Guaranty Association
Subchapter H. Powers and Duties of Commissioner and Department
Section 463.351. Notice of Commissioner Actions
Section 463.352. Advice From Board
Section 463.354. Demand to Cure Impairment
Section 463.355. Failure to Comply With Plan of Operation
Section 463.356. Assumption of Powers and Duties of Association