Skip to main content
Find a Lawyer

Texas Labor Code - LAB § 407A.4561. Revised Plan of Operation:  Wind Down

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

(a) In this section, “qualified group” means a group that:

(1) holds a current certificate of approval under this chapter;  and

(2) has not been determined by the commissioner to be insolvent under Section 407A.355.

(b) The board shall submit to the commissioner for approval a revised plan of operation to wind down and dissolve the guaranty fund and trust fund.  The plan must include:

(1) steps for:

(A) distributing any remaining money in the guaranty fund and trust fund to qualified groups;  and

(B) notifying interested parties;  and

(2) an estimated timeline for the wind down.

(c) The commissioner shall approve the board's revised plan of operation if the commissioner determines that the plan sufficiently describes the actions the board will take to wind down and dissolve the guaranty fund and trust fund.

(d) The board shall:

(1) implement the revised plan of operation approved under Subsection (b);  and

(2) provide written notice to the commissioner of the completion of the wind down not later than the 30th day after the date of completion.

(e) Not later than the 30th day after the date the commissioner receives the board's notice under Subsection (d), the commissioner shall determine whether the guaranty fund has met its obligations under the approved revised plan of operation.  If the commissioner determines that the guaranty fund met the fund's obligations, the commissioner shall issue an order requiring the distribution of any remaining money in the guaranty fund and trust fund to qualified groups.

(f) On the 30th day after the date the commissioner issues the order under Subsection (e):

(1) the guaranty fund and the trust fund are dissolved;  and

(2) the board is abolished.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Texas Labor Code - LAB § 407A.4561. Revised Plan of Operation:  Wind Down - last updated January 01, 2024 | https://codes.findlaw.com/tx/labor-code/lab-sect-407a-4561/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard