(1) that, if the assuming insurer fails to perform the assuming insurer's obligations under the reinsurance contract, the assuming insurer, at the request of the ceding insurer, will: (9162)
(A) submit to the jurisdiction of a court in any state of the United States; (9163)
(B) comply with all requirements necessary to give the court jurisdiction; and (9164)
(C) abide by the final decision of that court or, if the court's decision is appealed, of the appellate court; and (9165)
(2) to designate the commissioner or an attorney as an agent for service of process in any action, suit, or proceeding instituted by or on behalf of the ceding insurer. (9166)
(b) This section is not intended to conflict with or override a provision in a reinsurance contract that requires the parties to arbitrate the parties' disputes. (9167)
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007. (9168)
Amended by: (9169)
Acts 2017, 85th Leg., R.S., Ch. 594 (S.B. 1070), Sec. 2.10, eff. September 1, 2017. (9170)
(a) In this section, "commissioner" means the insurance commissioner or other chief insurance regulatory official with principal regulatory oversight over the trust. (9172)
(b) If the assuming insurer does not meet the requirements of Section 493.102(a)(1) or (2), the credit permitted by Section 493.102(a)(3) or (4) may not be allowed unless the assuming insurer agrees in the trust agreement that: (9173)
(1) notwithstanding any other provisions in the trust agreement, the trustee shall comply with an order of the commissioner or a court ordering the trustee to transfer to the commissioner all assets of the trust fund if: (9174)
(A) the trust fund is inadequate because the trust fund contains an amount that is less than the amount required by this subchapter; or (9175)
(B) the grantor of the trust has been declared insolvent or placed into receivership, rehabilitation, or liquidation or a similar proceeding under the laws of the grantor's domiciliary state or country; (9176)
(2) claims in a proceeding described by Subdivision (1)(B) must be filed with the commissioner; (9177)
(3) the commissioner shall value the claims described by Subdivision (2) and distribute the assets of the trust under the laws of the trust's domiciliary state applicable to the liquidation of a domestic insurance company; (9178)
(4) if the commissioner determines that all or part of the trust assets are unnecessary to satisfy the claims of the grantor's ceding insurers domiciled in the United States, the commissioner shall return those unnecessary assets to the trustee for distribution in accordance with the trust agreement; and (9179)
(5) the grantor waives any right available under federal or state law that is inconsistent with this section. (9180)
Added by Acts 2017, 85th Leg., R.S., Ch. 594 (S.B. 1070), Sec. 2.11, eff. September 1, 2017. (9181)
The trust and the assuming insurer are subject to examination as determined by the commissioner. (9183)
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007. (9184)
In this chapter: (9187)
(1) "Aircraft" means an object that is capable of: (9188)
(A) moving through the atmosphere, regardless of whether the object is powered or tethered; and (9189)
(B) lifting the weight of the object and an additional payload. (9190)
(2) "Space equipment" means a spacecraft, satellite, rocket, or other manmade object that may be: (9191)
(A) launched from earth into orbit around a celestial body or for space travel; or (9192)
(B) placed into orbit around a celestial body. (9193)
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007. (9194)
(a) A domestic insurance company as defined by Section 841.001, alone or together with another insurer, may reinsure any liability, property, casualty, collision, personal injury, death, or other risk relating to, arising from, or incident to the manufacture, ownership, custody, or operation of an aircraft or any space equipment, subject to any just and reasonable limitation imposed by the commissioner. (9196)
(b) A limitation imposed by the commissioner must be consistent with the purposes of this chapter. (9197)
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007. (9198)
To enter into a reinsurance agreement under this chapter, the ceding insurer must be authorized to engage in business in this state. (9200)
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007. (9201)
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