Insurance Code § 424.112

Sec. 424.112. WITHDRAWALS AND DISTRIBUTIONS. (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. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.