Texas Statutes (Last Updated: January 4, 2014) |
INSURANCE CODE |
Title 4. REGULATION OF SOLVENCY |
Subtitle C. DELINQUENT INSURERS |
Chapter 441. SUPERVISION AND CONSERVATORSHIP |
Subchapter D. CONSERVATORSHIP |
Sec. 441.151. APPOINTMENT OF CONSERVATOR
Latest version.
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(a) The commissioner may appoint a conservator for an insurer:
(1) if:
(A) after notice and opportunity for hearing, it is determined that the insurer:
(i) is insolvent;
(ii) appears to have exceeded the insurer's powers; or
(iii) has failed to comply with any requirement of the commissioner; or
(B) the insurer agrees to the appointment of a conservator; and
(2) if it is determined that supervision is inadequate to rehabilitate the insurer.
(b) The commissioner may appoint a conservator.
Added by Acts 2005, 79th Leg., Ch. 727 , Sec. 1, eff. April 1, 2007.