Sec. 441.151. APPOINTMENT OF CONSERVATOR. (a) The commissioner may appoint a conservator for an insurer:
(1) if:
(A) after notice and opportunity for hearing, it is determined that the insurer:
(i) is insolvent;
(ii) appears to have exceeded the insurer's powers; or
(iii) has failed to comply with any requirement of the commissioner; or
(B) the insurer agrees to the appointment of a conservator; and
(2) if it is determined that supervision is inadequate to rehabilitate the insurer.
(b) The commissioner may appoint a conservator.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.