Section 25.12 - Withdrawal of Funds(a) Death maturity. The funds on deposit on a matured contract may be withdrawn as prescribed by Finance Code, § RSA 154.262 and § RSA 154.263, without prior approval of the banking commissioner (the commissioner).(b) Cancellation. The funds on deposit on a cancelled contract may be withdrawn as prescribed by Finance Code, § RSA 154.155 and § RSA 154.205, without prior approval of the commissioner.(c) Payment of charges. Withdrawal of earnings for paying reasonable and necessary charges of a bank, savings bank, savings and loan association, trust department of a bank, or trust company does not need prior approval of the commissioner, but will be subject to examination.(d) Payment of taxes. Withdrawal of earnings for the purpose of paying taxes caused or created by the existence of prepaid funeral deposit or trust accounts requires prior written approval of the commissioner. Approval may be requested by submitting documentation to substantiate the additional tax liability from prepaid funeral benefits earnings.(e) Payment of guaranty fund assessments. A permit holder is authorized, without prior approval of the commissioner, to withdraw earnings for the purpose of paying guaranty fund assessments levied pursuant to the authority of Finance Code, § RSA 154.261.(f) Payment of examination costs and assessments made in conjunction with examinations. Withdrawal of earnings for the purpose of paying to the department examination costs and assessments made in conjunction with the examination under Finance Code, § RSA 154.261, does not require prior approval of the commissioner.(g) Abandoned funds. Withdrawal of abandoned funds under Finance Code, § RSA 154.303, require prior written approval of the commissioner of banking. Approval may be requested by submitting to the department a completed application for unclaimed property on a form prescribed by the Texas treasury department.(h) Preparation of financial statements. A permit holder is authorized, with prior written approval of the commissioner, to withdraw earnings for the purpose of paying for the preparation of financial statements required by the department pursuant to the authority of Finance Code, § RSA 154.261, including financial statements required in lieu of an examination by the department. Approval may be requested by submitting a written request to the department together with the bill for preparation of the financial statement.7 Tex. Admin. Code § 25.12
The provisions of this §25.12 adopted to be effective May 2, 1984, 9 TexReg 2236; amended to be effective March 23, 1994, 19 TexReg 1651.