Gavvy: Ins. Code, Sec. 2211.105. Retention and Use of Profits by Association.

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Sec. 2211.105. Retention and Use of Profits by Association.

Sec. 2211.105. RETENTION AND USE OF PROFITS BY ASSOCIATION. (a) The association shall retain any profits of the association to be used for the purposes of the association.

(b) The association:

(1) shall use the profits to mitigate losses, including purchasing reinsurance and offsetting future assessments; and

(2) may not distribute the profits to insurers.

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 2, eff. April 1, 2007.

Gavvy last updated this database on: Sep 6, 2024