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Texas Insurance Code - INS § 2602.153. Use of Fee

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The association shall collect, receive, retain, disburse, and advance the guaranty fees only as specifically provided by this chapter.

(b) The following claims shall be paid from guaranty fees only and may not be paid from assessments:

(1) covered claims against trust funds or an escrow account of an impaired agent under Section 2602.252;

(2) expenses incurred in complying with Subchapter J;

(3) conservator and receiver expenses under Section 2602.254;  and

(4) administrative expenses with respect to the estate of an impaired agent under Section 2602.110.

(c) Repealed by Acts 2009, 81st Leg., ch. 1025, § 18.

(d) Guaranty fees may be used only for payment of:

(1) claims described by Subsection (b);  and

(2) expenses related to:

(A) an audit or an examination conducted by the department or the association under this chapter;

(B) the supervision and coordination of such an audit or examination;  and

(C) an action under Section 2602.452.

(e) The association may advance money from the guaranty fee account as the association considers necessary to provide for the payment of covered claims related to an impaired agent and administrative expenses related to the evaluation and payment of those claims.  The advanced money shall be repaid to the guaranty fee account as soon as is practicable with money from guaranty fees or the estate of the impaired agent.  No interest may accrue on the advanced money.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 2602.153. Use of Fee - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-2602-153/

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