Sec. 463.157. REFUNDS. (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.
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 463 - Texas Life and Health Insurance Guaranty Association
Section 463.151. Making and Payment of Assessment
Section 463.152. Classes of Assessments
Section 463.153. Amount of Assessments
Section 463.155. Deposit of Assessments
Section 463.156. Certificate of Contribution
Section 463.158. Use of Assessments
Section 463.159. Failure to Pay; Collection by Commissioner
Section 463.160. Premium Tax Credit for Class a Assessment
Section 463.161. Premium Tax Credit for Class B Assessment