(a) The company may pay a cash dividend or allow a credit on the renewal premium for a policyholder insured with the company, other than a policyholder insured under Subchapter H.
(b) Payment of a cash dividend or allowance of a credit:
(1) must be made in accordance with criteria approved by the board, which may consider the policyholder’s safety record and performance; and
(2) may be made only with the department’s prior approval.