Texas Insurance Code - Section 462.166. Use Of Excess Money In Account
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§ 462.166. USE OF EXCESS MONEY IN ACCOUNT. (a) If the
association determines that money in the account described by
Section 462.164(b) for a line of business exceeds the amount
reasonably necessary for efficient future operation under this
chapter, the association shall, after deducting any premium tax
credit taken under Section 462.157, return the excess money pro
rata to the holders of participation receipts:
(1) on which an outstanding balance exists; and
(2) that were issued for an assessment on the same line
of business as the line for which the excess money is found to
exist.
(b) The association shall transfer an excess amount that
exists in the account described by Section 462.164(b) to the
comptroller to be deposited to the credit of the general revenue
fund if:
(1) after a distribution under this section the
association finds that an excess amount still exists; or
(2) participation receipts on which there is an
outstanding balance do not exist.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 462.159 462.160 462.161 462.162 462.163 462.164 462.165 462.166 462.167 462.168 462.201 462.202 462.203 462.204 462.205
Last modified: August 10, 2007
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