Texas Insurance Code 462.152 – Maximum Total Assessment
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(a) The total assessment of a member insurer in a year may not exceed an amount equal to two percent of the insurer’s net direct written premiums for the calendar year preceding the assessment.
(b) If the maximum assessment and the association’s other assets are insufficient in a year to make all necessary payments, the money available shall be prorated and the association shall pay the unpaid portion as soon as money becomes available.
Terms Used In Texas Insurance Code 462.152
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005