Sec. 401.252. SELF-DIRECTED BUDGET. (a) The senior associate commissioner of the financial program shall submit to the commissioner an annual budget of examination costs using generally accepted accounting principles. Notwithstanding any other provision of law, the budget may be adopted and approved only by the commissioner. The commissioner shall approve a budget under this subsection not later than August 31 of the year in which the associate commissioner submits the budget to the commissioner.
(b) The financial program may not directly or indirectly cause the Texas Department of Insurance operating account to incur any examination cost.
(c) Subject to any limitations in this code or another insurance law of this state, the department may set the amounts of fees required or permitted by statute or rule as necessary to:
(1) carry out the functions of the financial examinations and actuarial divisions relating to the examination of insurers and other regulated entities; and
(2) fund the budget adopted and approved under this section.
(d) Notwithstanding this section, the financial program may receive funds appropriated from the state to fund costs other than examination costs.
(e) An assessment, fee, charge, or other source of revenue collected by the financial program relating to the examination of insurers and other regulated entities by the financial examinations division or actuarial division shall be deposited to the credit of the account described by Section 401.156(a) for the purposes described by that section.
Added by Acts 2011, 82nd Leg., R.S., Ch. 659 (S.B. 1291), Sec. 1, eff. September 1, 2011.
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