Tex. Ins. Code § 2210.612 · Subchapter M. PUBLIC SECURITIES PROGRAM
PAYMENT OF CLASS 1 PUBLIC SECURITIES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
Text of section effective until September 01, 2027
(a) The association shall pay Class 1 public securities issued under Section 2210.072 from:
(1) net premium and other revenue; and
(2) if net premium and other revenue are not sufficient to pay the securities, a catastrophe area premium surcharge collected in accordance with this section.
(b) On approval by the commissioner, the association shall assess, as provided by this section, a premium surcharge to each policyholder of a policy described by Subsection (c). The premium surcharge must be set in an amount sufficient to pay, for the duration of the issued public securities, all debt service not already covered by available funds and all related expenses on the public securities.
(c) The premium surcharge under this section shall be assessed on all policyholders of association policies issued under this chapter.
(d) A premium surcharge under this section is a separate charge in addition to the premiums collected and is not subject to premium tax or commissions. Failure by a policyholder to pay the surcharge constitutes failure to pay premium for purposes of policy cancellation.
(e) The association may enter financing arrangements as described by Section 2210.072(d) as necessary to obtain public securities issued under Section 2210.072. Nothing in this subsection shall prevent the authorization and creation of one or more programs for the issuance of commercial paper before the date of an occurrence or series of occurrences that results in insured losses under Section 2210.072(a).
Notes and commentary — not statutory text
History
Added by Acts 2009, 81st Leg., R.S., Ch. 1408 (H.B. 4409), Sec. 41, eff. June 19, 2009.
Amended by:
Acts 2011, 82nd Leg., 1st C.S., Ch. 2 (H.B. 3), Sec. 49, eff. September 28, 2011.
Acts 2015, 84th Leg., R.S., Ch. 615 (S.B. 900), Sec. 25, eff. September 1, 2015.
Repealed by Acts 2025, 89th Leg., R.S., Ch. 895 (H.B. 3689), Sec. 1.17(2), eff. September 1, 2027.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.2210.htm
- Text hash
- sha256 deb3f690be415183cdebfa8474db4bb0a6e7a7fe136210fb05997e14e351baf2
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Cited by 4 provisions
Provisions in this library whose text cites Tex. Ins. Code § 2210.612. Each shows the citation as that text prints it.
Insurance Code
- Tex. Ins. Code § 2210.602DEFINITIONS.Printed as Section 2210.612
- Tex. Ins. Code § 2210.609REPAYMENT OF ASSOCIATION'S PUBLIC SECURITY OBLIGATIONS.Printed as Section 2210.612 | Sections 2210.612, 2210.613, and 2210.6131
- Tex. Ins. Code § 2210.610PUBLIC SECURITY PAYMENTS.Printed as Sections 2210.612, 2210.613, and 2210.6131
- Tex. Ins. Code § 2210.611EXCESS REVENUE COLLECTIONS AND INVESTMENT EARNINGS.Printed as Sections 2210.612, 2210.613, and 2210.6131
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.