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Texas Insurance Code - INS § 2602.111. Delegation of Powers and Duties

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 2602.111. Delegation of Powers and Duties - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-2602-111/

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