Texas Insurance Code 1551.401 – Employees Life, Accident, and Health Insurance and Benefits Fund
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(a) The employees life, accident, and health insurance and benefits fund is in the state treasury.
(b) The board of trustees shall administer the fund.
Terms Used In Texas Insurance Code 1551.401
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
(c) Contributions of participants and the state provided for under this chapter shall be credited to the fund.
(d) The fund is available:
(1) without fiscal year limitation for all payments for any coverages provided for under this chapter; and
(2) for payment of expenses of administering this chapter within the limitations that may be specified annually by the legislature.
(e) The board of trustees shall regularly set aside in the fund an amount equal to a percentage of the contributions made by participants and the state that the board determines is reasonably adequate to pay the expenses of administering this chapter.
(f) The board of trustees, from time to time and in amounts it considers appropriate, may transfer unused funds for administrative expenses to the contingency reserves to be used by the board only for charges, claims, and expenses under the group benefits program.
(g) Except as provided by § 1551.259(d), the retirement system may deposit to the credit of the fund any unclaimed money on a finding that a good faith effort has been made to locate the person entitled to the money.