Texas Insurance Code

§ 463.106 — DELEGATION OF POWERS AND DUTIES

IN § 463.106Title 4. REGULATION OF SOLVENCY · Part D. GUARANTY ASSOCIATIONS · Ch. 463. TEXAS LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION · Art. C. GENERAL POWERS AND DUTIES OF ASSOCIATION

Statute text

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(a)The plan of operation may provide that, on approval of the board and the commissioner, a power or duty of the association is delegated to a corporation or other organization that:

(1)performs 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)A power or duty under Section 463.261(c) or Subchapter D, other than a duty under Section 463.161(c), may not be delegated under this section.

(c)The corporation or other organization to which a power or duty is delegated shall be:

(1)reimbursed for a payment made on behalf of the association; and

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Legislative history

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