Excess Public Security Proceeds

(a) The association may use any excess public security proceeds remaining after the purposes for which the public securities were issued or disbursed are satisfied in accordance with Insurance Code §2210.608(b).

(b) As specified in Insurance Code §§2210.072(a), 2210.073(a), and 2210.0741(a), public securities may be repaid before their full term if the association's board of directors elects to do so and the Commissioner approves.

Source Note: The provisions of this §5.4134 adopted to be effective February 3, 2011, 36 TexReg 551; amended to be effective March 9, 2016, 41 TexReg 1697; amended to be effective January 6, 2021, 46 TexReg 162.