Texas Insurance Code - Section 463.102. Plan Of Operation; Amendments
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Texas Lawyer > Insurance Code > Texas Insurance Code - Section 463.102. Plan Of Operation; Amendments
§ 463.102. PLAN OF OPERATION; AMENDMENTS. (a) The
association shall perform the association's functions under a plan
of operation approved by the commissioner. The plan of operation
must:
(1) establish:
(A) procedures for handling the assets of the
association;
(B) the amount and method of reimbursing board
members under Section 463. 056;
(C) regular places and times for board meetings,
including telephone conference calls;
(D) procedures for maintaining records of all
financial transactions of the association, the association's
agents, and the board; and
(E) additional procedures for assessments under
Subchapter D; and
(2) contain additional provisions necessary or proper
for the execution of the association's powers and duties.
(b) The association may amend the plan of operation. An
amendment must be approved by the commissioner and takes effect on:
(1) the date the commissioner approves the amendment;
or
(2) the 30th day after the date the amendment is
submitted to the commissioner for approval, if the commissioner
does not approve or disapprove the amendment before the 30th day.
(c) Each member insurer shall comply with the plan of
operation.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 463.053 463.054 463.055 463.056 463.057 463.058 463.101 463.102 463.103 463.104 463.105 463.106 463.107 463.108 463.109
Last modified: August 10, 2007
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