Tex. Ins. Code § 2602.111

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 2602.111 - Delegation of Powers and Duties

(a) The plan of operation may provide that, on approval of the board, 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.

Tex. Ins. Code § 2602.111

Amended by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. 775,Sec. 12, eff. 9/1/2019.

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. 4/1/2005.