Statutes, codes, and regulations
Texas Administrative Code
Title 28 - INSURANCEPart 1 - TEXAS DEPARTMENT OF INSURANCEChapter 5 - PROPERTY AND CASUALTY INSURANCESubchapter E - TEXAS WINDSTORM INSURANCE ASSOCIATION
Division 3 - LOSS FUNDING, INCLUDING CATASTROPHE RESERVE TRUST FUND, FINANCING ARRANGEMENTS, AND PUBLIC SECURITIES
Section 5.4167 - Inability to Pay Assessment by Reason of Insolvency

28 Tex. Admin. Code § 5.4167

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Current through Reg. 49, No. 49; December 6, 2024
Section 5.4167 - Inability to Pay Assessment by Reason of Insolvency

In the event a member of the association is placed in temporary or permanent receivership under order of a court of competent jurisdiction based on a finding of insolvency, and such member has been designated an impaired insurer by the Commissioner, and in the event an assessment is necessary in the year the insurer is declared impaired, the aggregate net amount not recovered from such insolvent insurer must be reallocated among the remaining members of the association in accordance with the method of determining participation as determined in the plan of operation.

28 Tex. Admin. Code § 5.4167

The provisions of this §5.4167 adopted to be effective February 16, 2011, 36 TexReg 784; Amended by Texas Register, Volume 46, Number 01, January 1, 2021, TexReg 0162, eff. 1/6/2021