|(a) As required by any agreements between the association,
TPFA, and the trust company, insurers may be required to deposit premium
surcharges and member assessments directly into the premium surcharge
trust fund and member assessment trust fund, respectively.
(b) If insurers are required to direct deposit under
subsection (a) of this section, then the association must provide
notice to the commissioner and insurers:
(1) for premium surcharges, no later than 60 days before
the insurers must implement the surcharge; and
(2) for member assessments, with the notice required
under §5.4163 of this division (relating to Notice of Assessments).
(c) The notice under subsection (b) of this section
must include all applicable deposit instructions, including any required
routing information and account numbers.
(d) Insurers must deposit the funds into the appropriate
accounts on the date the funds must otherwise be remitted to the association
under §5.4164 of this division (relating to Payment of Assessment)
and §5.4186 of this division (relating to Remittance of Premium
(e) If insurers are not required to direct deposit
under subsection (a) of this section, then the association must deposit
the collected premium surcharges and association member assessments
on receipt into the appropriate accounts as required under agreements
with TPFA and the trust company. The association may not directly
or indirectly use, borrow, or in any manner pledge or encumber premium
surcharges and association member assessments collected, or to be
collected, by the association under Insurance Code §2210.613,
except for the payment of class 2 public security obligations and
as otherwise authorized in this title.
(f) The trust company must deposit any investment income
earned on the premium surcharges or member assessments into the appropriate
trust fund accounts while these amounts are on deposit.