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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 10. PROPERTY AND CASUALTY INSURANCE |
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Subtitle G. POOLS, GROUPS, PLANS, AND SELF-INSURANCE |
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Chapter 2210. TEXAS WINDSTORM INSURANCE ASSOCIATION |
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Subchapter B-1. PAYMENT OF LOSSES |
Sec. 2210.071. PAYMENT OF EXCESS LOSSES; PAYMENT FROM RESERVES AND TRUST FUND
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(a) If, in a catastrophe year, an occurrence or series of occurrences in a catastrophe area results in insured losses and operating expenses of the association in excess of premium and other revenue of the association, the excess losses and operating expenses shall be paid as provided by this subchapter.
(b) The association shall pay losses in excess of premium and other revenue of the association from available reserves of the association and available amounts in the catastrophe reserve trust fund.
(c) Losses not paid under Subsection (b) shall be paid from the proceeds from public securities issued in accordance with this subchapter and Subchapter M and, notwithstanding Subsection (a), may be paid from the proceeds of public securities issued under Section 2210.072(a) before an occurrence or series of occurrences that results in insured losses.