ESTIMATE OF ADDITIONAL MONEY NEEDED ON IMPAIRMENT OF INSURER
Known as the Texas Property and Casualty Insurance Guaranty Act
The act spans §§ 462–462 (90 sections).
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff
(a) If the commissioner determines that an insurer has become an impaired insurer, the association shall promptly estimate the amount of additional money, by lines of business, needed to supplement the immediately available assets of the impaired insurer to pay covered claims.
(b) The board shall make additional money available as the actual need arises for each impaired insurer.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.