Texas § IN.443.016 - The liquidator may apply to the receivership court for approval to make early acc

§ IN.443.016. The liquidator may apply to the receivership court for approval to make early acc

The liquidator may apply to the receivership court for approval to make early access payments more frequently than annually based on additional information or the recovery of material assets. (d) Within 60 days after approval by the receivership court of the applications in Subsection (c), the liquidator shall make any early access payments to the affected guaranty associations as indicated in the approved application. (e) Notice of each application for early access payments, or of any report required pursuant to this section, must be given in accordance with Section 443.007 to the guaranty associations that may have obligations arising from the liquidation. Notwithstanding the provisions of Section 443.007, the liquidator shall provide these guaranty associations with at least 30 days' actual notice of the filing of the application and with a complete copy of the application prior to any action by the receivership court. Any guaranty association that may have obligations arising in connection with the liquidation has: (1) the right to request additional information from the liquidator, who may not unreasonably deny such request; and (2) the right to object as provided by Section 443.007 to any part of each application or to any report filed by the liquidator pursuant to this section. (f) In each application regarding early access payments, the liquidator shall, based on the best information available to the liquidator at the time, provide, at a minimum, the following: (1) to the extent necessary and appropriate, the amount reserved for the entire expenses of the liquidation through and after its closure and for distributions on claims falling within the priority classes of claims established in Sections 443.301(b) and (c); (2) the computation of distributable assets and the amount and method of equitable allocation of early access payments to each of the guaranty associations; and (3) the most recent financial information filed with the National Association of Insurance Commissioners by the liquidator. (g) Each guaranty association that receives any payments pursuant to this section agrees, upon depositing the payment in any account to its benefit, to return to the liquidator any amount of these payments that may be required to pay claims of secured creditors and claims falling within the priority classes of claims established in Section 443.301(a), (b), or (c). No bond may be required of any guaranty association. (h) Nothing in this section affects the method by which a guaranty association determines the association's statutory coverage obligations. (i) Without the consent of the affected guaranty associations or an order of the receivership court, the liquidator may not offset the amount to be dispersed to any guaranty association by the amount of any specific deposit or any other statutory deposit or asset of the insolvent insurer held in that state unless the association has actually received the deposit. Added by Acts 2005, 79th Leg., Ch. 995 (H.B. 2157 ), Sec. 1, eff. September 1, 2005. Redesignated from Insurance Code - Not Codified, Art/Sec 21A.303 by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636 ), Sec. 3B.004(a)(1), eff. September 1, 2007. Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636 ), Sec. 3B.004(ll), eff. September 1, 2007. Redesignated from Insurance Code - Not Codified, Art/Sec 21A.303 by Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167 ), Sec. 9.004(a)(1), eff. September 1, 2007. Amended by: Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167 ), Sec. 9.004(ll), eff. September 1, 2007. Acts 2011, 82nd Leg., R.S., Ch. 193 (S.B. 1433 ), Sec. 11, eff. September 1, 2011.