Texas Insurance Code 462.301 – General Powers and Duties of Association in Connection With Payment of Covered Claims
Current as of: 2024 | Check for updates
|
Other versions
(a) The association shall investigate and adjust, compromise, settle, and pay covered claims to the extent of the association’s obligation and deny all other claims.
(b) The association may review a settlement, release, or judgment to which an impaired insurer or the impaired insurer’s insured was a party to determine the extent to which the settlement, release, or judgment may be properly contested.
Terms Used In Texas Insurance Code 462.301
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.