Texas Insurance Code

§ 462.214 — CERTAIN SHAREHOLDERS' CLAIMS: LIMIT

IN § 462.214Title 4. REGULATION OF SOLVENCY · Part D. GUARANTY ASSOCIATIONS · Ch. 462. TEXAS PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION · Art. E. COVERED CLAIMS; CLAIMANTS

Statute text

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Notwithstanding any other provision of this chapter, the association's liability for shareholder derivative actions or other claims for economic loss incurred by a claimant in the claimant's capacity as a shareholder under an insurance policy placed in force on or after January 1, 1992, is limited to $300,000 for each policy, including defense costs, regardless of the number of claimants under each policy.

Legislative history

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