Texas Insurance Code

§ 462.002 — PURPOSES

IN § 462.002Title 4. REGULATION OF SOLVENCY · Part D. GUARANTY ASSOCIATIONS · Ch. 462. TEXAS PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION · Art. A. GENERAL PROVISIONS

Statute text

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The purposes of this chapter are to:

(1)provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment;

(2)avoid financial loss to claimants or policyholders because of an insurer's impairment;

(3)assist in the detection and prevention of insurer insolvencies; and

(4)provide an association to assess the cost of that protection among insurers.

Legislative history

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.