Sec. 462.106. ADMINISTRATIVE EXPENSES. (a) The association may use money in the administrative account to pay administrative costs and other general expenses of the association.
(b) The association may transfer income from investment of the association's money to the administrative account.
(c) On notification by the association of the amount of any additional money needed for the administrative account, the association shall assess member insurers in the manner provided by Sections 462.159-462.168 for that money. The commissioner shall consider the net direct written premiums collected in this state for all lines of business covered by this chapter. An assessment for administrative expenses incurred by a supervisor or conservator appointed by the commissioner or a court-appointed receiver for a nonmember of the association or unauthorized insurer operating in this state may not exceed $1 million each calendar year.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Structure Texas Statutes
Title 4 - Regulation of Solvency
Subtitle D - Guaranty Associations
Chapter 462 - Texas Property and Casualty Insurance Guaranty Association
Subchapter C. General Powers and Duties of Association
Section 462.101. General Powers and Duties
Section 462.102. Association Not in Place of Impaired Insurer
Section 462.103. Plan of Operation
Section 462.104. Notice to Insureds
Section 462.106. Administrative Expenses
Section 462.107. Examination of Association
Section 462.108. Deposit of Money
Section 462.109. Delegation of Powers and Duties
Section 462.110. Exemption From Certain Fees and Taxes
Section 462.112. Board Access to Records of Impaired Insurer
Section 462.1121. Action to Obtain Information Concerning Insurer in Receivership Authorized