Texas Insurance Code

§ 462.103 — PLAN OF OPERATION

IN § 462.103Title 4. REGULATION OF SOLVENCY · Part D. GUARANTY ASSOCIATIONS · Ch. 462. TEXAS PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION · Art. C. GENERAL POWERS AND DUTIES OF ASSOCIATION

Statute text

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(a)The association shall perform the association's functions under a plan of operation necessary or suitable to ensure the fair, reasonable, and equitable administration of the association. The plan of operation must:

(1)be submitted to and approved in writing by the commissioner;

(2)establish:

(A)procedures under which the powers and duties of the association are performed;

(B)procedures for handling assets of the association;

(C)the amount and method of reimbursing board members;

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Legislative history

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.