Tex. Insurance Code § 424.112
This is the official text of Tex. Insurance Code § 424.112, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 424.112. WITHDRAWALS AND DISTRIBUTIONS.
Official statutory text
(a) A pool participant must be able to make withdrawals on demand without penalty or other assessment on any business day, and settlement of funds must occur within a reasonable and customary period that does not exceed five business days after a withdrawal.
(b) The pooling agreement must provide that the pool manager shall make a distribution to a pool participant, at the manager's discretion:
(1) in cash in an amount equal to the fair market value at the time of the distribution of the participant's pro rata share of each of the pool's underlying assets;
(2) in kind in an amount equal to a pro rata share of each underlying asset; or
(3) in a combination of cash and in-kind distributions in an amount equal to a pro rata share of each underlying asset.
(c) A distribution under Subsection (b) must be computed after subtracting all the investment pool's applicable fees and expenses.
(b) The pooling agreement must provide that the pool manager shall make a distribution to a pool participant, at the manager's discretion:
(1) in cash in an amount equal to the fair market value at the time of the distribution of the participant's pro rata share of each of the pool's underlying assets;
(2) in kind in an amount equal to a pro rata share of each underlying asset; or
(3) in a combination of cash and in-kind distributions in an amount equal to a pro rata share of each underlying asset.
(c) A distribution under Subsection (b) must be computed after subtracting all the investment pool's applicable fees and expenses.
Status: in_force · Read it on the official government site
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