Texas Insurance Code 1575.210 – Payment of State Contributions; Reconciliation
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(a) Contributions allocated and appropriated under this subchapter for a state fiscal year shall be:
(1) paid in equal monthly installments;
(2) based on the estimated amount certified by the trustee to the comptroller for that year; and
(3) subject to any express limitations specified in the Act making the appropriation.
(b) A variation between the certified amount and the actual amount due for the state fiscal year shall be reconciled at the end of the fiscal year, and the annual contributions to the fund shall be adjusted accordingly.
Terms Used In Texas Insurance Code 1575.210
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- 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.
- Year: means 12 consecutive months. See Texas Government Code 311.005