Sec. 462.165. ACCOUNTING; REPORTS; REFUND. (a) The association, with respect to an impaired insurer, shall adopt accounting procedures that reflect the use of all money and shall make a final report of the use of the money to the commissioner. The final report must state any remaining balance from the money advanced to an impaired insurer for the payment of covered claims.
(b) The association shall make interim accounting reports as required by the commissioner or requested by the conservator.
(c) As soon as practicable after completion of the final report, the association shall refund by line of business the remaining balance of those advances to the association's accounts.
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 D. Assessments in General
Section 462.151. Making of Assessment; Amount
Section 462.152. Maximum Total Assessment
Section 462.153. Refund of Contribution
Section 462.154. Notice of Assessment
Section 462.156. Use of Assessments
Section 462.158. Advance as Loan
Section 462.159. Estimate of Additional Money Needed on Impairment of Insurer
Section 462.160. Assessment for Additional Money for Accounts
Section 462.161. Amount of Assessment; Proration of Payment
Section 462.163. Payment of Assessment
Section 462.164. Participation Receipts
Section 462.165. Accounting; Reports; Refund
Section 462.166. Use of Excess Money in Account