Texas Insurance Code
§ 443.401 — ANCILLARY CONSERVATION OF FOREIGN INSURERS
IN § 443.401Title 4. REGULATION OF SOLVENCY · Part C. DELINQUENT INSURERS · Ch. 443. INSURER RECEIVERSHIP ACT · Art. I. INTERSTATE RELATIONS
Statute text
View on source(a)The commissioner may initiate an action against a foreign insurer pursuant to Section 443.051 on any of the grounds stated in that section or on the basis that:
(1)any of the foreign insurer's property has been sequestered, garnished, or seized by official action in its domiciliary state or in any other state;
(2)the foreign insurer's certificate of authority to do business in this state has been revoked or was never issued and there are residents of this state with unpaid claims or in-force policies; or
(3)initiation of the action is necessary to enforce a stay under Section 462.309, 463.404, or 2602.259.
(b)If a domiciliary receiver has been appointed, the commissioner may initiate an action against a foreign insurer under Subsection (a)(1) or (a)(2) only with the consent of the domiciliary receiver.
(c)An order entered pursuant to this section must appoint the commissioner as conservator. The conservator's title to assets must be limited to the insurer's property and records located in this state.
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Legislative history
Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 9.004(pp), eff. September 1, 2007.