Tex. Insurance Code § 422.002
PURPOSES
Texas · Texas Insurance Code · Status: effective
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- Citation
- Tex. Insurance Code § 422.002, PURPOSES, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/677403
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Full text
(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.