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Tex. Ins. Code § 462.002

PURPOSES

Known as the Texas Property and Casualty Insurance Guaranty Act

The act spans §§ 462.001 to 462.351 (90 sections).

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff

The purposes of this chapter are to:

(1) provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment;

(2) avoid financial loss to claimants or policyholders because of an insurer's impairment;

(3) assist in the detection and prevention of insurer insolvencies; and

(4) provide an association to assess the cost of that protection among insurers.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.