Tex. Ins. Code § 1806.057 · Subchapter B. PROVISIONS APPLICABLE TO AUTOMOBILE INSURANCE
PROFIT SHARING WITH MEMBERS OF CERTAIN ASSOCIATIONS AUTHORIZED.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Section 1806.054 does not prohibit an insurer from sharing profits with policyholders who are part of a group program established by a nonprofit business association and who participate in the group program because of membership in the association.
(b) An insurer that elects to make distributions under this section must:
(1) file a written application describing the insurer's distribution with the commissioner for approval of a policyholder dividend amount that exceeds 10 percent of surplus; or
(2) notify the commissioner in writing of each distribution of a policyholder dividend amount that is not greater than 10 percent of surplus.
(c) If the commissioner does not act on the application on or before the fifth business day after the date the commissioner receives the application, the distribution is considered approved.
Notes and commentary — not statutory text
History
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 2, eff. April 1, 2007.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 463 (S.B. 1006), Sec. 3, eff. June 14, 2013.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.1806.htm
- Text hash
- sha256 592975d2b932928177a247029729d933e3eab1e51149069bf0a732bbec428f33
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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