Texas § IN.462.166 - USE OF EXCESS MONEY IN ACCOUNT

§ IN.462.166. USE OF EXCESS MONEY IN ACCOUNT

USE OF EXCESS MONEY IN ACCOUNT. (a) If the association determines that money in the account described by Section 462.164 (b) for a line of business exceeds the amount reasonably necessary for efficient future operation under this chapter, the association shall, after deducting any premium tax credit taken under Section 462.157 , return the excess money pro rata to the holders of participation receipts: (1) on which an outstanding balance exists; and (2) that were issued for an assessment on the same line of business as the line for which the excess money is found to exist. (b) The association shall transfer an excess amount that exists in the account described by Section 462.164 (b) to the comptroller to be deposited to the credit of the general revenue fund if: (1) after a distribution under this section the association finds that an excess amount still exists; or (2) participation receipts on which there is an outstanding balance do not exist. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017 ), Sec. 1, eff. April 1, 2007.