Texas Finance Code 154.3565 – Assessment On Outstanding Insurance-Funded Contracts to Pay Claims
Current as of: 2024 | Check for updates
|
Other versions
(a) To pay a claim against the fund when the balance of the insurance-funded contract account is insufficient to pay that claim, the advisory council may assess each permit holder that has outstanding insurance-funded contracts an amount based on the permit holder’s proportionate share of all outstanding insurance-funded contracts determined as of the end of the preceding calendar year.
(b) The assessments shall be deposited in the insurance-funded contract account within the fund and administered by the department and the advisory council in accordance with commission rules.
Terms Used In Texas Finance Code 154.3565
- Contract: A legal written agreement that becomes binding when signed.
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) An assessment made under this section is in addition to any assessment required by § 154.3525.
(d) A seller whose permit is revoked or surrendered remains liable for any unpaid assessment made before the date of the revocation or surrender.