Sec. 2203.451. TRANSFER OF ASSETS. (a) Not later than the 90th day after the effective date of this section, the department shall complete an actuarial study to determine the amount of assets necessary for:
(1) the association's known and unknown insurance claims and costs associated with those claims; and
(2) administrative expenses of the association, including liabilities for employee retirement plans.
(b) The association shall cooperate with the department in completing the actuarial study required by Subsection (a).
(c) Notwithstanding any other provision of this code, all association reserve funds and policyholder stabilization reserve funds under Subchapter G, including funds held on behalf of the department under Section 2203.303(c), not necessary for the purposes described by Subsection (a) may be transferred under Subsection (d) to the permanent fund supporting graduate medical education established under Section 58A.002, Education Code.
(d) Not later than the 60th day after the date on which the department completes the actuarial study required by Subsection (a), the association shall transfer the amount of association assets not necessary for the purposes described by Subsection (a) to the permanent fund supporting graduate medical education established under Section 58A.002, Education Code. If that fund is not in existence on the date of transfer, the association shall transfer the assets to an account created by the comptroller outside of the state treasury, and the comptroller shall hold the assets in trust pending creation of the fund.
Added by Acts 2015, 84th Leg., R.S., Ch. 321 (S.B. 18), Sec. 8, eff. September 1, 2015.
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