Texas Insurance Code

§ 463.252 — IMPAIRED DOMESTIC, FOREIGN, OR ALIEN INSURER NOT PAYING CLAIMS

IN § 463.252Title 4. REGULATION OF SOLVENCY · Part D. GUARANTY ASSOCIATIONS · Ch. 463. TEXAS LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION · Art. F. POWERS AND DUTIES OF ASSOCIATION RELATING

Statute text

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(a)This section applies only to a member insurer that:

(1)is an impaired domestic, foreign, or alien insurer; and

(2)is not timely paying claims.

(b)Subject to Subsection (d), the association shall:

(1)with respect to the insurer, take one or more actions that the association is authorized to take under Section 463.251 with respect to an impaired domestic insurer, subject to the conditions of that section; or

(2)provide substitute benefits instead of the insurer's contractual obligations as provided by Subsection (c).

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Legislative history

Acts 2019, 86th Leg., R.S., Ch. 432 (S.B. 1153), Sec. 17, eff. September 1, 2019.