 |
Texas Statutes (Last Updated: January 4, 2014) |
 |
INSURANCE CODE |
|
Title 4. REGULATION OF SOLVENCY |
|
Subtitle D. GUARANTY ASSOCIATIONS |
|
Chapter 463. TEXAS LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION |
|
Subchapter D. ASSESSMENTS |
Sec. 463.152. CLASSES OF ASSESSMENTS
-
(a) Assessments are classified as Class A or Class B assessments.
(b) Class A assessments are authorized and called to pay:
(1) the association's administrative costs;
(2) administrative expenses that:
(A) are properly incurred under this chapter; and
(B) relate to an unauthorized insurer or to an entity that is not a member insurer; and
(3) other general expenses not related to a particular impaired or insolvent insurer.
(c) Class B assessments are authorized and called to the extent necessary for the association to carry out the association's powers and duties under Sections 463.101, 463.103, 463.109, and 463.111(c) and Subchapter F with regard to an impaired or insolvent insurer.
(d) For purposes of this section, an assessment is authorized at the time a resolution by the board is passed under which an assessment will be called immediately or in the future from member insurers for a specified amount and an assessment is called at the time a notice has been issued by the association to member insurers requiring that an authorized assessment be paid within a period stated in the notice. An authorized assessment becomes a called assessment at the time notice is mailed by the association to member insurers.