State Codes and Statutes
Statutes > Texas > Insurance-code > Title-4-regulation-of-solvency > Chapter-426-reserves-for-workers-compensation-insurance-companies
INSURANCE CODE
TITLE 4. REGULATION OF SOLVENCY
SUBTITLE B. RESERVES AND INVESTMENTS
CHAPTER 426. RESERVES FOR WORKERS' COMPENSATION INSURANCE
COMPANIES
Sec. 426.001. RESERVES REQUIRED. A workers' compensation
insurance company engaged in business in this state shall
maintain reserves in an amount estimated in the aggregate to
provide for the payment of all losses and claims incurred,
whether reported or unreported. The company may not maintain
reserves in an amount that is greater than reasonably necessary
for that purpose.
Added by Acts 2005, 79th Leg., Ch.
727, Sec. 1, eff. April 1, 2007.
Sec. 426.002. COMPUTATION OF RESERVES. Reserves required by
Section 426.001 must be computed in accordance with any rules
adopted by the commissioner to adequately protect insureds,
secure the solvency of the workers' compensation insurance
company, and prevent unreasonably large reserves.
Added by Acts 2005, 79th Leg., Ch.
727, Sec. 1, eff. April 1, 2007.
Sec. 426.003. MAINTENANCE OF RESERVES; NOTICE OF NONCOMPLIANCE.
(a) If a workers' compensation insurance company's reserves are
determined under this chapter to be:
(1) inadequate, the commissioner shall notify the company and
require the company to establish and maintain reasonable
additional reserves; or
(2) unreasonably large, the commissioner shall notify the
company and require the company to reduce the amount of reserves
to a reasonable amount.
(b) Not later than the 60th day after the date of notification
of noncompliance under Subsection (a), the company shall:
(1) restore compliance as required by Subsection (a); and
(2) file a statement of restored compliance, accompanied by any
documentation required by the commissioner.
Added by Acts 2005, 79th Leg., Ch.
727, Sec. 1, eff. April 1, 2007.
State Codes and Statutes
Statutes > Texas > Insurance-code > Title-4-regulation-of-solvency > Chapter-426-reserves-for-workers-compensation-insurance-companies
INSURANCE CODE
TITLE 4. REGULATION OF SOLVENCY
SUBTITLE B. RESERVES AND INVESTMENTS
CHAPTER 426. RESERVES FOR WORKERS' COMPENSATION INSURANCE
COMPANIES
Sec. 426.001. RESERVES REQUIRED. A workers' compensation
insurance company engaged in business in this state shall
maintain reserves in an amount estimated in the aggregate to
provide for the payment of all losses and claims incurred,
whether reported or unreported. The company may not maintain
reserves in an amount that is greater than reasonably necessary
for that purpose.
Added by Acts 2005, 79th Leg., Ch.
727, Sec. 1, eff. April 1, 2007.
Sec. 426.002. COMPUTATION OF RESERVES. Reserves required by
Section 426.001 must be computed in accordance with any rules
adopted by the commissioner to adequately protect insureds,
secure the solvency of the workers' compensation insurance
company, and prevent unreasonably large reserves.
Added by Acts 2005, 79th Leg., Ch.
727, Sec. 1, eff. April 1, 2007.
Sec. 426.003. MAINTENANCE OF RESERVES; NOTICE OF NONCOMPLIANCE.
(a) If a workers' compensation insurance company's reserves are
determined under this chapter to be:
(1) inadequate, the commissioner shall notify the company and
require the company to establish and maintain reasonable
additional reserves; or
(2) unreasonably large, the commissioner shall notify the
company and require the company to reduce the amount of reserves
to a reasonable amount.
(b) Not later than the 60th day after the date of notification
of noncompliance under Subsection (a), the company shall:
(1) restore compliance as required by Subsection (a); and
(2) file a statement of restored compliance, accompanied by any
documentation required by the commissioner.
Added by Acts 2005, 79th Leg., Ch.
727, Sec. 1, eff. April 1, 2007.
State Codes and Statutes
Statutes >
Texas >
Insurance-code >
Title-4-regulation-of-solvency >
Chapter-426-reserves-for-workers-compensation-insurance-companies INSURANCE CODE
TITLE 4. REGULATION OF SOLVENCY
SUBTITLE B. RESERVES AND INVESTMENTS
CHAPTER 426. RESERVES FOR WORKERS' COMPENSATION INSURANCE
COMPANIES
Sec. 426.001. RESERVES REQUIRED. A workers' compensation
insurance company engaged in business in this state shall
maintain reserves in an amount estimated in the aggregate to
provide for the payment of all losses and claims incurred,
whether reported or unreported. The company may not maintain
reserves in an amount that is greater than reasonably necessary
for that purpose.
Added by Acts 2005, 79th Leg., Ch.
727, Sec. 1, eff. April 1, 2007.
Sec. 426.002. COMPUTATION OF RESERVES. Reserves required by
Section 426.001 must be computed in accordance with any rules
adopted by the commissioner to adequately protect insureds,
secure the solvency of the workers' compensation insurance
company, and prevent unreasonably large reserves.
Added by Acts 2005, 79th Leg., Ch.
727, Sec. 1, eff. April 1, 2007.
Sec. 426.003. MAINTENANCE OF RESERVES; NOTICE OF NONCOMPLIANCE.
(a) If a workers' compensation insurance company's reserves are
determined under this chapter to be:
(1) inadequate, the commissioner shall notify the company and
require the company to establish and maintain reasonable
additional reserves; or
(2) unreasonably large, the commissioner shall notify the
company and require the company to reduce the amount of reserves
to a reasonable amount.
(b) Not later than the 60th day after the date of notification
of noncompliance under Subsection (a), the company shall:
(1) restore compliance as required by Subsection (a); and
(2) file a statement of restored compliance, accompanied by any
documentation required by the commissioner.
Added by Acts 2005, 79th Leg., Ch.
727, Sec. 1, eff. April 1, 2007.
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