Texas Insurance Code - Section 462.162. Maximum Assessment Of Insurer; Additional Assessment Authority Under Certain Circumstances
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§ 462.162. MAXIMUM ASSESSMENT OF INSURER; ADDITIONAL
ASSESSMENT AUTHORITY UNDER CERTAIN CIRCUMSTANCES. (a) Except as
otherwise provided by this section, assessments under Section
462.160 during a calendar year may not exceed two percent of each
insurer's net direct written premiums for the preceding calendar
year in the lines of business for which the assessments are made.
(b) In the event of a natural disaster or other catastrophe,
the association may apply to the governor, in the manner prescribed
by the plan of operation, for authority to assess each member
insurer that writes insurance coverage, other than automobile
insurance coverage or workers' compensation insurance coverage, an
additional amount not to exceed two percent of the insurer's net
direct written premiums for the preceding calendar year.
(c) If the maximum assessment in a calendar year does not
provide an amount sufficient for payment of covered claims of
impaired insurers, the association may make assessments in
successive calendar years.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 462.155 462.156 462.157 462.158 462.159 462.160 462.161 462.162 462.163 462.164 462.165 462.166 462.167 462.168 462.201
Last modified: August 10, 2007
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