Texas Insurance Code - Section 462.109. Delegation Of Powers And Duties
Legal Research Home >
Texas Lawyer > Insurance Code > Texas Insurance Code - Section 462.109. Delegation Of Powers And Duties
§ 462.109. DELEGATION OF POWERS AND DUTIES. (a) Except
as provided by Subsection (b), the plan of operation may provide
that, on approval of the board and the commissioner, the
association may delegate by contract any or all powers or duties of
the association 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 the association's
equivalent; and
(2) provides protection not substantially less
favorable and effective than that provided by this chapter.
(b) The association may not delegate a power or duty under
Section 462.101(a)(2), 462.151, 462.154, 462.155, or 462.302(d)
under this section.
(c) The association shall:
(1) reimburse the corporation or other organization as
a servicing facility would be reimbursed; and
(2) pay the corporation or other organization for the
performance of any other functions of the association.
(d) A contract entered into under this section is subject to
the performance standards imposed under Section 442.112.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 462.102 462.103 462.104 462.105 462.106 462.107 462.108 462.109 462.110 462.112 462.113 462.114 462.151 462.152 462.153
Last modified: August 10, 2007
|
