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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 11. TITLE INSURANCE |
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Subtitle C. FINANCIAL SOLVENCY |
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Chapter 2602. TEXAS TITLE INSURANCE GUARANTY ASSOCIATION |
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Subchapter E. ASSESSMENTS |
Sec. 2602.205. DEFERMENT
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(a) The association may defer in whole or in part an assessment of a title insurance company that would cause the company's financial statement to show amounts of capital or surplus less than the minimum amount required for a certificate of authority in any jurisdiction in which the company is authorized to engage in the business of insurance.
(b) The title insurance company shall pay the deferred assessment when payment will not reduce capital or surplus below required minimums. The payment shall be refunded to or credited against future assessments of any title insurance company receiving a larger assessment because of the deferment, as elected by that company.
(c) During a period of deferment, the title insurance company may not pay a dividend to shareholders or policyholders.