Texas Insurance Code 441.253 – Powers and Duties of Ancillary Supervisor or Conservator
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(a) An ancillary supervisor or ancillary conservator appointed under this subchapter has all the powers provided by Sections 441.153 and 441.155 with respect to the insurer’s assets, property, books, and records located in this state.
(b) An ancillary conservator appointed under this subchapter may:
(1) reinsure all or part of the insurer’s policies or certificates in this state with a solvent insurer authorized to engage in business in this state; and
(2) transfer to the reinsurer as reserves any assets in the ancillary conservator’s possession in an amount sufficient to reinsure the policies or certificates.
Terms Used In Texas Insurance Code 441.253
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Property: means real and personal property. See Texas Government Code 311.005
(c) A transfer of assets under this section is not considered a preference of a creditor.