Texas Insurance Code - Section 463.157. Refunds
Legal Research Home >
Texas Lawyer > Insurance Code > Texas Insurance Code - Section 463.157. Refunds
§ 463.157. REFUNDS. (a) The board may refund to member
insurers the amount by which the association's assets, including
any net realized gains and income from investments, exceed the
amount the board determines is necessary to carry out the
association's obligations regarding that amount during the next
year.
(b) A refund must be made:
(1) by an equitable method established in the plan of
operation; and
(2) in proportion to the contribution of each member
insurer.
(c) The board may retain a reasonable amount to provide for
the association's continuing expenses and for future losses if
refunds are impractical.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 463.114 463.151 463.152 463.153 463.154 463.155 463.156 463.157 463.158 463.159 463.160 463.161 463.162 463.163 463.201
Last modified: August 10, 2007
|
