{"data":{"id":"us-tx/tex.-insurance-code-422.002","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 422.002","heading":"PURPOSES.","body":"(a) The purposes of this chapter are to:\n(1) require an insurer to maintain unencumbered assets in an amount equal to the insurer's policy reserve liabilities;\n(2) provide preferential claims against assets in favor of an owner, beneficiary, assignee, certificate holder, or third-party beneficiary of an insurance policy; and\n(3) prevent the pledge or encumbrance of assets in excess of certain amounts without a prior written order of the commissioner.\n(b) This chapter and the powers granted and functions authorized by this chapter shall be exercised to accomplish the purposes of this chapter.\nAdded by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.\nAmended by:\nActs 2021, 87th Leg., R.S., Ch. 61 (S.B. 1954), Sec. 1, eff. September 1, 2021.","path":["INSURANCE CODE","TITLE 4. REGULATION OF SOLVENCY","SUBTITLE B. RESERVES AND INVESTMENTS","CHAPTER 422. ASSET PROTECTION ACT","SUBCHAPTER A. GENERAL PROVISIONS"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.422.htm#422.002","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"dab78124be36ad67a8ade84bef280295207eab0d0d6376fa8d8d3f9442c29264","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-422.001","next":"us-tx/tex.-insurance-code-422.003"},"notice":"GroundRules: Original legal text. Not legal advice."}