Texas Insurance Code 443.351 – Condition On Release From Delinquency Proceedings
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Insurance Code 443.351
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Until all payments of or on account of the insurer’s contractual obligations by all guaranty associations, along with all expenses of the obligations and interest on all the payments and expenses, are repaid to the guaranty associations, unless otherwise provided in a plan approved by the guaranty association, an insurer that is subject to any formal delinquency proceedings may not:
(1) solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority;
(2) be returned to the control of its shareholders or private management; or
(3) have any of its assets returned to the control of its shareholders or private management.