Texas Insurance Code - Section 463.151. Making And Payment Of Assessment
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§ 463.151. MAKING AND PAYMENT OF ASSESSMENT. (a) The
association shall assess member insurers, separately for each
account under Section 463.105, in the amounts and at the times the
board determines necessary to provide money for the association to
exercise the association's powers, perform the association's
duties, and carry out the purposes of this chapter. The association
may not make an assessment to meet the requirements of the
association with respect to an impaired or insolvent insurer until
the assessment is necessary to carry out the purposes of this
chapter. The board shall classify assessments under Section
463.152 and determine the amount of assessments with reasonable
accuracy, recognizing that exact determinations may not always be
possible.
(b) An assessment is due on the date the association
specifies, which may not be earlier than the 30th day after the date
the association gives written notice of the assessment to member
insurers. Interest accrues on an unpaid amount at a rate of 10
percent beginning on the due date.
(c) An insurer whose certificate of authority to engage in
business in this state is revoked or surrendered remains liable for
any unpaid assessment made before the date of the revocation or
surrender.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 463.108 463.109 463.110 463.111 463.112 463.113 463.114 463.151 463.152 463.153 463.154 463.155 463.156 463.157 463.158
Last modified: August 10, 2007
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