 |
Texas Statutes (Last Updated: January 4, 2014) |
 |
INSURANCE CODE |
|
Title 11. TITLE INSURANCE |
|
Subtitle C. FINANCIAL SOLVENCY |
|
Chapter 2602. TEXAS TITLE INSURANCE GUARANTY ASSOCIATION |
|
Subchapter C. GENERAL POWERS AND DUTIES OF ASSOCIATION |
Sec. 2602.111. DELEGATION OF POWERS AND DUTIES
-
(a) The plan of operation may provide that, on approval of the board and the commissioner, a power or duty of the association may be delegated to a corporation or other organization that:
(1) performs or will perform in two or more states functions similar to those of the association or its equivalent; and
(2) provides protection not substantially less favorable and effective than that provided by this chapter.
(b) A power or duty under Section 2602.101(a)(1) or (4), 2602.107, 2602.201, 2602.202, 2602.203, or 2602.205 may not be delegated under this section.
(c) The corporation or other organization shall be:
(1) reimbursed as a servicing facility would be reimbursed; and
(2) paid for its performance of any other functions of the association.