Tex. Ins. Code § 462.166 · Subchapter D. ASSESSMENTS IN GENERAL
USE OF EXCESS MONEY IN ACCOUNT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) If the association determines that money in the account described by Section 462.164(b) for a line of business exceeds the amount reasonably necessary for efficient future operation under this chapter, the association shall, after deducting any premium tax credit taken under Section 462.157, return the excess money pro rata to the holders of participation receipts:
(1) on which an outstanding balance exists; and
(2) that were issued for an assessment on the same line of business as the line for which the excess money is found to exist.
(b) The association shall transfer an excess amount that exists in the account described by Section 462.164(b) to the comptroller to be deposited to the credit of the general revenue fund if:
(1) after a distribution under this section the association finds that an excess amount still exists; or
(2) participation receipts on which there is an outstanding balance do not exist.
Notes and commentary — not statutory text
History
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.462.htm
- Text hash
- sha256 4cde95f32ae25f714441c92ef7bda29b7a5bf26cc6604bb81d6144864e290948
- 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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