Texas Insurance Code
§ 443.013 — EXECUTORY CONTRACTS AND UNEXPIRED LEASES
IN § 443.013Title 4. REGULATION OF SOLVENCY · Part C. DELINQUENT INSURERS · Ch. 443. INSURER RECEIVERSHIP ACT · Art. A. GENERAL PROVISIONS
Statute text
View on source(a)The receiver may assume or reject any executory contract or unexpired lease of the insurer.
(b)Neither the filing of a petition commencing delinquency proceedings under this chapter nor the entry of an order for a delinquency proceeding constitutes a breach or anticipatory breach of any contract or lease of the insurer.
(c)If there has been a default in an executory contract or unexpired lease of the insurer, the receiver may not assume the contract or lease unless, at the time of the assumption of the contract or lease, the receiver:
(1)cures or provides adequate assurance that the receiver will promptly cure the default; and
(2)provides adequate assurance of future performance under the contract or lease.
(d)Subsection (c) does not apply to a default that is a breach of a provision relating to:
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Legislative history
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.013 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.013 by Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 9.004(a)(1), eff. September 1, 2007.