Sec. 2211.105. RETENTION AND USE OF PROFITS BY ASSOCIATION. (a) The association shall retain any profits of the association to be used for the purposes of the association.
(b) The association:
(1) shall use the profits to mitigate losses, including purchasing reinsurance and offsetting future assessments; and
(2) may not distribute the profits to insurers.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 2, eff. April 1, 2007.
Structure Texas Statutes
Title 10 - Property and Casualty Insurance
Subtitle G - Pools, Groups, Plans, and Self-Insurance
Subchapter C. Insurer Participation in Fair Plan
Section 2211.101. Coverage Provided to Insureds in Underserved Area
Section 2211.102. Liability of Insurers to Association; Assessments
Section 2211.103. Recomputation of Reimbursement Ratios
Section 2211.104. Additional Assessment in Event of Deficit; Premium Surcharge Authorized
Section 2211.105. Retention and Use of Profits by Association