Texas § IN.422.002 - PURPOSES
Full text of Texas The Texas Constitution § IN.422.002 — PURPOSES, with citation guidance and answers to common questions.
§ IN.422.002. PURPOSES
PURPOSES. (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. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017 ), Sec. 1, eff. April 1, 2007. Amended by: Acts 2021, 87th Leg., R.S., Ch. 61 (S.B. 1954 ), Sec. 1, eff. September 1, 2021.
Frequently Asked Questions About Texas § IN.422.002
What does The Texas Constitution § IN.422.002 cover?
Section IN.422.002 ("PURPOSES") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § IN.422.002?
A common citation format is "The Texas Constitution § IN.422.002" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § IN.422.002 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.