Sec. 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 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Section: Previous 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 NextLast modified: September 28, 2016