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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 11. TITLE INSURANCE |
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Subtitle C. FINANCIAL SOLVENCY |
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Chapter 2602. TEXAS TITLE INSURANCE GUARANTY ASSOCIATION |
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Subchapter C. GENERAL POWERS AND DUTIES OF ASSOCIATION |
Sec. 2602.101. GENERAL POWERS AND DUTIES
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(a) In addition to the other powers and duties provided by this chapter, the association may:
(1) borrow money as necessary to implement this chapter according to the plan of operation;
(2) lend money to an impaired title insurance company;
(3) sue and be sued, including taking any legal action necessary or proper to recover an unpaid assessment;
(4) enter into contracts as necessary or proper to implement this chapter;
(5) ensure payment of the policy obligations of an impaired title insurance company;
(6) negotiate and contract with a rehabilitator, conservator, receiver, or ancillary receiver to exercise the powers and perform the duties of the association;
(7) guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, a policy or contract of an impaired title insurance company;
(8) take legal action necessary to avoid the payment of improper claims or to settle claims or potential claims against an impaired title insurance company or the association; and
(9) perform any other acts as necessary or proper to implement this chapter.
(b) The association has standing to appear before a court in this state with jurisdiction over an impaired title insurance company or agent concerning which the association is or may become obligated under this chapter.