| (a) This section and §§5.4102, 5.4111 - 5.4114,
5.4121, 5.4123 - 5.4127, 5.4133 - 5.4136, and 5.4141 - 5.4145 (relating
to Definitions, Operation of the Catastrophe Reserve Trust Fund, Termination
of the Catastrophe Reserve Trust Fund, Investments of Catastrophe
Reserve Trust Fund, Duties and Responsibilities, Financing Arrangements,
Public Securities Request, Approval, and Issuance, Issuance of Class
1 Public Securities before a Catastrophic Event, Issuance of Public
Securities after a Catastrophic Event, Determination of the Association
Surcharge Percentage, Contingent Sources of Payment for Class 2 and
Class 3 Public Securities, Public Security Proceeds, Excess Public
Security Proceeds, Marketable Public Securities; the Amount of Class
1 Public Securities that Cannot be Issued; Market Conditions and Requirements;
and Cost-Benefit Analysis, Association Rate Filings, Class 1 Public
Securities Trust Fund, Class 2 and Class 3 Public Securities Trust
Funds, Premium Surcharge Trust Fund, Excess Premium Surcharge Revenue,
and Excess Net Premium and Other Revenue) of this division are a part
of the Texas Windstorm Insurance Association's plan of operation and
will control over any conflicting provision in §5.4001 of this
subchapter (relating to Plan of Operation). If a court of competent
jurisdiction holds that any provision of this division is inconsistent
with any statutes of this state, is unconstitutional, or is invalid
for any reason, the remaining provisions of the sections in this division
will remain in effect.
(b) Notwithstanding any provision in this subchapter,
the department retains regulatory oversight of the association as
required by Insurance Code Chapter 2210, including periodic examinations
of the accounts, books, and records of the association, and no provision
in this subchapter should be interpreted as negating or limiting the
department's regulatory oversight of the association.
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| Source Note: The provisions of this §5.4101 adopted to be effective February 3, 2011, 36 TexReg 551; amended to be effective June 12, 2014, 39 TexReg 4435; amended to be effective March 9, 2016, 41 TexReg 1697 |
