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TITLE 28INSURANCE
PART 1TEXAS DEPARTMENT OF INSURANCE
CHAPTER 5PROPERTY AND CASUALTY INSURANCE
SUBCHAPTER ETEXAS WINDSTORM INSURANCE ASSOCIATION
DIVISION 3LOSS FUNDING, INCLUDING CATASTROPHE RESERVE TRUST FUND, FINANCING ARRANGEMENTS, AND PUBLIC SECURITIES
RULE §5.4147Excess Class 3 Member Assessment Revenue

(a) Revenue collected in any calendar year from a member assessment under Insurance Code §2210.6135 that exceeds the amount of class 3 public security obligations and class 3 public security administrative expenses payable in that calendar year from member assessments and interest earned on the member assessment trust fund created for class 3 public securities deposits may, in the discretion of the association, be:

  (1) used to pay class 3 public security obligations payable in the following calendar year, offsetting the amount of the member assessments that would otherwise be required to be levied for the year under Insurance Code Chapter 2210, Subchapter M;

  (2) used to redeem or purchase outstanding class 3 public securities; or

  (3) deposited in the CRTF.

(b) As specified in Insurance Code §2210.074(a), class 3 public securities may be repaid before their full term if the association's board of directors elects to do so and the commissioner approves it.


Source Note: The provisions of this §5.4147 adopted to be effective February 3, 2011, 36 TexReg 551; amended to be effective June 12, 2014, 39 TexReg 4435

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