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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 4. REGULATION OF SOLVENCY |
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Subtitle C. DELINQUENT INSURERS |
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Chapter 441. SUPERVISION AND CONSERVATORSHIP |
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Subchapter F. OUT-OF-STATE INSURERS |
Sec. 441.252. APPOINTMENT OF ANCILLARY SUPERVISOR OR CONSERVATOR
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(a) The commissioner may appoint an ancillary supervisor or ancillary conservator for the assets located in this state of an insurer described by Section 441.251 in the same manner as the commissioner appoints a supervisor or conservator for an insurer domiciled in this state as provided by this chapter if:
(1) the commissioner makes a determination described by Section 441.053 with regard to the insurer;
(2) the commissioner determines that the insurer does not have the minimum surplus, capital, or capital stock required by this code for similar domestic insurers; or
(3) the insurer agrees to the appointment.
(b) Subject to Section 441.205, the commissioner may immediately, without prior notice and hearing, appoint an ancillary conservator for the assets, property, books, and records located in this state of an insurer described by Section 441.251 if a conservator, rehabilitator, receiver, liquidator, or equivalent official is appointed in the state in which the insurer is domiciled.