Texas Insurance Code
§ 443.015 — APPROVAL AND PAYMENT OF EXPENSES
IN § 443.015Title 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 pay any expenses under contracts, leases, employment agreements, or other arrangements entered into by the insurer prior to receivership, as the receiver deems necessary for the purposes of this chapter. The receiver is not required to pay any expenses that the receiver determines are not necessary, and may reject any contract pursuant to Section 443.013.
(b)Receivership expenses other than those described in Subsection (a) must be paid in accordance with Subsections (c)-(f).
(c)The receiver shall submit to the receivership court an application pursuant to Section 443.007 to approve:
(1)the terms of compensation of each special deputy or contractor with respect to which the total amount of the compensation is reasonably expected by the receiver for the duration of the delinquency proceeding to exceed $250,000, or another amount established by the receivership court; and
(2)any other anticipated expense in excess of $25,000, or another amount established by the receivership court.
(d)The receiver may, as the receiver deems appropriate, submit an application to approve any compensation, anticipated expenses, or incurred expenses not described by Subsection (c)(1).
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Legislative history
Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 9.004(g), eff. September 1, 2007.