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www.tdi.state.tx.us - Consumer Helpline 1-800-252-3439
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WELCOME TO TEXAS DEPARTMENT OF INSURANCE LIQUIDATION OVERSIGHTLIQUIDATION OVERSIGHT'S MISSION
The mission of Liquidation Oversight is to assure the efficient rehabilitation and liquidation of insurance company receiverships for the benefit of policyholders, receivership creditors and the taxpayers of Texas through management of the Special Deputy Receiver program and oversight of the guaranty associations. In addition to monitoring the performance of SDRs, Oversight monitors the activity of the four Texas guaranty associations as follows:
Essentially, the liquidation of an insurance company includes, but is not limited to:
For legislation regarding Liquidation privatization see Chapter 21A. List Of Open Receiverships and Contact Information Oversight of SDRsThe Liquidation Oversight (Oversight) analytical and legal staff consists of: 1) A program director Oversight monitors the SDRs' receivership case administration by analyzing and evaluating reports filed by the SDR with the Court, as required by the Insurance Code. The SDR files with the Court, monthly or quarterly, documents for the receivership which include:
In addition to the above documents, the Insurance Code requires that the SDR file a statement of expenses with the Court on a quarterly basis. Any interested party may object to the expenses by filing an objection within 10 days. Oversight staff reviews the expenses to ensure that they are reasonable and appropriate. Oversight either authorizes the payment of the SDR's expenses or disallows the payment of the SDR's expenses in whole or in part.
Oversight by the Receivership CourtThe District Court in Travis County, Texas is designated by statute as the Receivership Court. It is the Court where receivership actions are brought by the Texas Attorney General, as well as the Court where suits by and against the Receiver are brought. The Court also has exclusive venue over suits against guaranty associations. In addition, the Insurance Code provides that the Receivership Court provide judicial supervision for each receivership. The Receivership Court has appointed a Special Master ("Master") assisted by a docketing clerk provided by Oversight. The Master's time is billed to the applicable receivership, and is funded from the assets of the estates.
DIRECTOR
For more information contact: LiquidationOversight@tdi.state.tx.us Last updated: 01/05/2007 |
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