Sec. 463.152. CLASSES OF ASSESSMENTS. (a) Assessments are classified as Class A or Class B assessments.
(b) Class A assessments are authorized and called to pay:
(1) the association's administrative costs;
(2) administrative expenses that:
(A) are properly incurred under this chapter; and
(B) relate to an unauthorized insurer or to an entity that is not a member insurer; and
(3) other general expenses not related to a particular impaired or insolvent insurer.
(c) Class B assessments are authorized and called to the extent necessary for the association to carry out the association's powers and duties under Sections 463.101, 463.103, 463.109, and 463.111(c) and Subchapter F with regard to an impaired or insolvent insurer.
(d) For purposes of this section, an assessment is authorized at the time a resolution by the board is passed under which an assessment will be called immediately or in the future from member insurers for a specified amount and an assessment is called at the time a notice has been issued by the association to member insurers requiring that an authorized assessment be paid within a period stated in the notice. An authorized assessment becomes a called assessment at the time notice is mailed by the association to member insurers.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 3B.016(b), eff. September 1, 2007.
Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 9.016(b), eff. September 1, 2007.
Section: Previous 463.109 463.110 463.111 463.112 463.113 463.114 463.151 463.152 463.153 463.154 463.155 463.156 463.157 463.158 463.159 NextLast modified: September 28, 2016