Texas Insurance Code

§ 443.152 — CONTINUANCE OF COVERAGE

IN § 443.152Title 4. REGULATION OF SOLVENCY · Part C. DELINQUENT INSURERS · Ch. 443. INSURER RECEIVERSHIP ACT · Art. D. LIQUIDATION

Statute text

View on source

(a)Notwithstanding any policy or contract language or any other statute, all reinsurance contracts by which the insurer has assumed the insurance obligations of another insurer are canceled upon entry of an order of liquidation.

(b)Notwithstanding any policy or contract language or any other statute, all policies, insurance contracts other than reinsurance by which the insurer has ceded insurance obligations to another person, and surety bonds or surety undertakings, other than life or health insurance or annuities, in effect at the time of issuance of an order of liquidation, unless further extended by the receiver with the approval of the receivership court, continue in force only until the earlier of:

(1)the 30th day after the date of entry of the liquidation order;

(2)the date of expiration of the policy coverage;

(3)the date the insured has replaced the insurance coverage with equivalent insurance with another insurer or otherwise terminated the policy;

(4)the date the liquidator has effected a transfer of the policy obligation pursuant to Section 443.154(h); or

…

Legislative history

Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 9.004(q), eff. September 1, 2007.