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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. 2602.103. EMPLOYEES AND EXPERTS
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(a) The association may employ or retain persons to perform the functions necessary or proper under this chapter, including persons necessary to handle the association's financial transactions.
(b) On the commissioner's request, the association shall retain one or more persons to:
(1) audit and review agent escrow and trust accounts, financial condition, and compliance with applicable statutes and rules; and
(2) report to the commissioner on the accounts, condition, and compliance.
(c) A person retained under Subsection (b) acts solely under the direction of and as assigned by the commissioner.
(d) From the guaranty fee account, the association shall compensate a person retained under Subsection (b) and reimburse the person for the person's reasonable and necessary expenses.