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Current as of January 01, 2024 | Updated by Findlaw Staff
To carry out the association's duties under this chapter and with the court's approval, the association may:
(1) impose a permanent policy or contract lien in connection with any guarantee, assumption, or reinsurance agreement if the association determines that:
(A) the amounts that may be assessed under this chapter are insufficient to ensure full and prompt performance of the association's duties under this chapter; or
(B) adverse economic or financial conditions affecting member insurers make imposition of the lien in the public interest; or
(2) in addition to any contractual provision for deferral of cash or policy loan value, impose a temporary moratorium or lien on payment of cash values and policy loans or the exercise of any other right to withdraw money held in connection with a policy or contract.
Cite this article: FindLaw.com - Texas Insurance Code - INS § 463.257. Imposition of Lien or Moratorium - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-463-257/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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