Texas Insurance Code - Section 463.101. General Powers And Duties
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§ 463.101. GENERAL POWERS AND DUTIES. (a) The
association may:
(1) enter into contracts as necessary or proper to
carry out this chapter and the purposes of this chapter;
(2) sue or be sued, including taking:
(A) necessary or proper legal action to:
(i) recover an unpaid assessment under
Subchapter D; or
(ii) settle a claim or potential claim
against the association; or
(B) necessary legal action to avoid payment of an
improper claim;
(3) borrow money to effect the purposes of this
chapter;
(4) exercise, for the purposes of this chapter and to
the extent approved by the commissioner, the powers of a domestic
life, accident, or health insurance company or a group hospital
service corporation, except that the association may not issue an
insurance policy or annuity contract other than to perform the
association's obligations under this chapter; and
(5) to further the association's purposes, exercise
the association's powers, and perform the association's duties,
join an organization of one or more state associations that have
similar purposes.
(b) If not in default, a note or other evidence of
indebtedness of the association is a legal investment for a
domestic insurer and may be carried as an admitted asset.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 463.052 463.053 463.054 463.055 463.056 463.057 463.058 463.101 463.102 463.103 463.104 463.105 463.106 463.107 463.108
Last modified: August 11, 2007
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