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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 M. PUBLIC SECURITIES PROGRAM |
Sec. 2210.611. EXCESS REVENUE COLLECTIONS AND INVESTMENT EARNINGS
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Revenue collected in any calendar year from a premium surcharge under Section 2210.613 and member assessments under Sections 2210.613 and 2210.6135 that exceeds the amount of the public security obligations and public security administrative expenses payable in that calendar year and interest earned on the public security obligation fund may, in the discretion of the association, be:
(1) used to pay public security obligations payable in the subsequent calendar year, offsetting the amount of the premium surcharge and member assessments, as applicable, that would otherwise be required to be levied for the year under this subchapter;
(2) used to redeem or purchase outstanding public securities; or
(3) deposited in the catastrophe reserve trust fund.