Texas Insurance Code - Section 462.155. Deferment
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§ 462.155. DEFERMENT. (a) The association may defer
wholly or partly an assessment of a member insurer that would cause
the insurer's financial statement to show amounts of capital or
surplus less than the minimum amounts required for a certificate of
authority in any jurisdiction in which the insurer is authorized to
engage in the business of insurance.
(b) The member insurer shall pay the deferred assessment at
the time payment will not reduce capital or surplus below required
minimums. The payment shall be refunded to or credited against
future assessments of any member insurer receiving a larger
assessment because of the deferment, as elected by that insurer.
(c) During a period of deferment, the member insurer may not
pay a dividend to shareholders or policyholders.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 462.112 462.113 462.114 462.151 462.152 462.153 462.154 462.155 462.156 462.157 462.158 462.159 462.160 462.161 462.162
Last modified: August 10, 2007
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