Texas Insurance Code 4152.209 – Payment of Interim Profits
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Terms Used In Texas Insurance Code 4152.209
- Contract: A legal written agreement that becomes binding when signed.
- Property: means real and personal property. See Texas Government Code 311.005
If a contract entered into under Section 4152.201 provides for the sharing of interim profits by the manager, interim profits may not be paid until:
(1) the first anniversary of the end of each underwriting period for property business, the fifth anniversary of the end of each underwriting period for casualty business, or the expiration of the period set by the executive director for those or other specified kinds of insurance; and
(2) the adequacy of reserves on remaining claims has been verified under Section 4152.213.