Section 2602.101 - General Powers and Duties(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 the receiver, supervisor, or conservator of an impaired title insurance company or its agent;(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, supervisor, receiver, ancillary receiver, or other third party 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 agent, or the association;(9) assume control of and consolidate the escrow accounts transferred to the association by an impaired agent that has been placed in receivership, supervision, or conservatorship, and: (A) pay covered claims from the consolidated escrow accounts to facilitate processing and payment of claims;(B) maintain a separate accounting for each transferred escrow account; and(C) return money not used to pay a covered claim to the owner of the money in accordance with the contract governing the escrow of the money; and(10) 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.Tex. Ins. Code § 2602.101
Amended by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. 775,Sec. 4, eff. 9/1/2019.Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. 4/1/2005.