Texas Insurance Code 1575.303 – Payments From Fund
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(a) The following shall, without state fiscal year limitation, be paid from the fund:
(1) the appropriate premiums to a carrier providing group coverage under a plan under this chapter;
(2) claims for benefits under the group coverage; and
(3) money spent by the trustee to administer the group program.
(b) The appropriate portion of the contributions to the fund to provide for incurred but unreported claim reserves and contingency reserves, as determined by the trustee, shall be retained in the fund.
Terms Used In Texas Insurance Code 1575.303
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Trustee: A person or institution holding and administering property in trust.
(c) The fund is held in trust for the benefit of participants of the group program and may not be diverted.