(a) Annual recalculation. An approved PEO must recalculate its deposit required every year, not later than 60 days after negotiating the plan's stop-loss insurance agreement for the current plan year, using the formula stated in §13.562(b) of this title (relating to Deposit or Letter of Credit Required).
(b) Changes to deposit.
  (1) An approved PEO may request to change its deposit by submitting both the Statutory Deposit Transaction Form, Form No. FIN407 (rev.1115), and the Declaration of Trust Form, Form No. FIN453 (rev.1115), and must submit a safekeeping receipt showing that the securities are pledged to TDI.
  (2) If the commissioner approves the release of any portion of a deposit, TDI's bond and securities officer will execute a release of any pledge, and the funds will be returned to the approved PEO.
  (3) An approved PEO that requests a release of any part of its deposit because the deposit amount exceeds the amount calculated under §13.562(b) of this title must provide supporting documentation that justifies the release, including:
    (A) the reasons for the release; and
    (B) evidence satisfactory to the commissioner that its deposit exceeds the amount required in §13.562(b) of this title.
  (4) All interest income due on its deposit funds may be paid directly to the approved PEO by the bank.

Source Note: The provisions of this §13.564 adopted to be effective May 17, 2016, 41 TexReg 3479