(a) This subchapter does not prohibit an insurer from sharing profits with policyholders who are part of a group program established by a nonprofit business association and who participate in the group program because of membership in the association.
(b) An insurer that elects to make distributions under this section must:
(1) file a written application describing the insurer’s distribution with the commissioner for approval of a policyholder dividend amount that exceeds 10 percent of surplus; or
(2) notify the commissioner in writing of each distribution of a policyholder dividend amount that is not greater than 10 percent of surplus.

(c) If the commissioner does not act on the application on or before the fifth business day after the date the commissioner receives the application, the distribution is considered approved.