Texas Insurance Code

§ 463.157 — REFUNDS

IN § 463.157Title 4. REGULATION OF SOLVENCY · Part D. GUARANTY ASSOCIATIONS · Ch. 463. TEXAS LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION · Art. D. ASSESSMENTS

Statute text

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(a)The board may refund to member insurers the amount by which the association's assets, including any net realized gains and income from investments, exceed the amount the board determines is necessary to carry out the association's obligations regarding that amount during the next year.

(b)A refund must be made:

(1)by an equitable method established in the plan of operation; and

(2)in proportion to the contribution of each member insurer.

(c)The board may retain a reasonable amount to provide for the association's continuing expenses and for future losses if refunds are impractical.

Legislative history

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.