Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
Section 422.002 - Purposes(a) The purposes of this chapter are to:(1) require an insurer to maintain unencumbered assets in an amount equal to the insurer's policy reserve liabilities;(2) provide preferential claims against assets in favor of an owner, beneficiary, assignee, certificate holder, or third-party beneficiary of an insurance policy; and(3) prevent the pledge or encumbrance of assets in excess of certain amounts without a prior written order of the commissioner.(b) This chapter and the powers granted and functions authorized by this chapter shall be exercised to accomplish the purposes of this chapter.Amended by Acts 2021, Texas Acts of the 87th Leg. - Regular Session, ch. 61,Sec. 1, eff. 9/1/2021.Added by Acts 2005, 79th Leg., Ch. 727, Sec. 1, eff. 4/1/2007.