reglab/housing_qa huggingface dataset:
TX Ins Code § 462.016 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter A. General Provisions|Section 462.016. Penalty for Failure to Pay Assessments or Comply With Plan of Operation

Sec. 462.016.  PENALTY FOR FAILURE TO PAY ASSESSMENTS OR COMPLY WITH PLAN OF OPERATION.  (a)  The commissioner shall suspend or revoke, after notice and hearing, the certificate of authority to engage in the business of insurance in this state of a member insurer that:(1)  fails to pay an assessment at the time the assessment is due; or(2)  otherwise fails to comply with the plan of operation.(b)  As an alternative to action under Subsection (a), the commissioner may assess a fine on a member insurer that fails to pay an assessment at the time the assessment is due.  The fine may not exceed the lesser of:(1)  five percent of the unpaid assessment per month; or(2)  $100 per month.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.017 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter A. General Provisions|Section 462.017. Appeals and Other Actions

Sec. 462.017.  APPEALS AND OTHER ACTIONS.  (a)  A final action or order of the commissioner under this chapter is subject to judicial review by a court.(b)  Venue in a suit by or against the commissioner or association relating to an action or ruling of the commissioner or association under this chapter is in Travis County.  The commissioner or association is not required to give an appeal bond in an appeal of a cause of action arising under this chapter.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 3B.008(a), eff. September 1, 2007.Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 9.008(a), eff. September 1, 2007.|
TX Ins Code § 462.051 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter B. Governance of Association|Section 462.051. Association as Legal Entity; Membership

Sec. 462.051.  ASSOCIATION AS LEGAL ENTITY; MEMBERSHIP.  (a)  The Texas Property and Casualty Insurance Guaranty Association is a nonprofit unincorporated legal entity.(b)  The association is composed of all member insurers. A member insurer must remain a member of the association as a condition of engaging in the business of insurance in this state.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.052 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter B. Governance of Association|Section 462.052. Board of Directors

Sec. 462.052.  BOARD OF DIRECTORS.  (a)  The association's powers are exercised through a board of directors consisting of nine individuals.(b)  Member insurers shall select five insurance industry board members, subject to the approval of the commissioner.  In approving selections to the board, the commissioner shall consider whether all member insurers are fairly represented.(c)  Four board members must be public representatives appointed by the commissioner.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.053 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter B. Governance of Association|Section 462.053. Eligibility to Serve as Public Representative

Sec. 462.053.  ELIGIBILITY TO SERVE AS PUBLIC REPRESENTATIVE.  A board member who is a public representative may not be:(1)  an officer, director, or employee of an insurer, insurance agency, agent, broker, adjuster, or any other business entity regulated by the department;(2)  a person required to register with the Texas Ethics Commission under Chapter 305, Government Code, in connection with the person's representation of clients in the field of insurance; or(3)  related to a person described by Subdivision (1) or (2) within the second degree of affinity or consanguinity.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.054 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter B. Governance of Association|Section 462.054. Eligibility to Serve as Industry Representative

Sec. 462.054.  ELIGIBILITY TO SERVE AS INDUSTRY REPRESENTATIVE.  To be eligible to serve as an insurance industry board member, an individual must be a full-time employee of a member insurer.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.055 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter B. Governance of Association|Section 462.055. Term; Vacancy

Sec. 462.055.  TERM; VACANCY.  (a)  A board member serves a term established by the plan of operation.(b)  The remaining board members, by majority vote, shall fill a vacancy on the board for the unexpired term of a director who serves as an insurance industry board member, subject to the commissioner's approval.  The commissioner shall appoint a director to fill a vacancy on the board for the unexpired term of a director who serves as a public representative.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.Amended by: Acts 2019, 86th Leg., R.S., Ch. 343 (S.B. 1063), Sec. 2, eff. September 1, 2019.|
TX Ins Code § 462.056 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter B. Governance of Association|Section 462.056. Reimbursement of Board Members

Sec. 462.056.  REIMBURSEMENT OF BOARD MEMBERS.  A board member may be reimbursed from the assets of the association for expenses the board member incurs as a board member.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.057 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter B. Governance of Association|Section 462.057. Financial Statement of Board Member

Sec. 462.057.  FINANCIAL STATEMENT OF BOARD MEMBER.  Each board member shall file with the Texas Ethics Commission a financial statement as provided by Subchapter B, Chapter 572, Government Code.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.058 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter B. Governance of Association|Section 462.058. Conflict of Interest

Sec. 462.058.  CONFLICT OF INTEREST.  (a)  A director of the association or a member insurer or other entity represented by the director may not receive money or another valuable thing directly, indirectly, or through any substantial interest in any other corporation, firm, or business unit for negotiating, procuring, participating in, recommending, or aiding in a reinsurance agreement, merger, or other transaction, including the purchase, sale, or exchange of assets, insurance policies, or property made by the association or the supervisor, conservator, or receiver on behalf of an impaired insurer.(b)  The director, member insurer, or entity may not be pecuniarily or contractually interested, as principal, coprincipal, agent, or beneficiary, directly, indirectly, or through any substantial interest in any other corporation, firm, or business unit, in the reinsurance agreement, merger, purchase, sale, exchange, or other transaction.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.059 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter B. Governance of Association|Section 462.059. Meeting by Conference Call

Sec. 462.059.  MEETING BY CONFERENCE CALL.  (a)  Notwithstanding Chapter 551, Government Code, the board may hold an open meeting by telephone conference call.  A meeting held by telephone conference call:(1)  must be audible to the public at the location specified in the notice described by Subsection (c); and(2)  must allow two-way audio communication during the entire meeting between the members of the board attending a meeting authorized by this section.(a-1)  If the two-way audio communication required under Subsection (a) is disrupted during a meeting so that a quorum of the board is no longer able to participate, the meeting may not continue until the two-way audio communication is reestablished.(b)  The meeting is subject to the notice requirements that apply to other meetings of the board of directors.(c)  The notice of the meeting must specify the location of the meeting, and each part of the meeting that is required to be open to the public must be audible to the public at that location.  The association must make an audio recording of the meeting.  The recording of the open portion of the meeting must be posted publicly to the association's Internet website.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.Amended by: Acts 2019, 86th Leg., R.S., Ch. 343 (S.B. 1063), Sec. 3, eff. September 1, 2019.|
TX Ins Code § 462.101 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 462.101. General Powers and Duties

Sec. 462.101.  GENERAL POWERS AND DUTIES.  (a)  The association may:(1)  employ or retain persons as necessary to handle claims and perform other duties of the association;(2)  borrow money necessary to implement this chapter in accordance with the plan of operation;(3)  sue or be sued;(4)  negotiate and enter into a contract as necessary to implement this chapter; and(5)  perform other acts as necessary or proper to implement this chapter.(b)  A contract authorized by Subsection (a)(4) includes a lump-sum or structured compromise and settlement agreement with a claimant who has a claim for medical or indemnity benefits for a period of three years or more, other than a settlement or lump-sum payment in violation of Subtitle A, Title 5, Labor Code.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.102 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 462.102. Association Not in Place of Impaired Insurer

Sec. 462.102.  ASSOCIATION NOT IN PLACE OF IMPAIRED INSURER.  In performing the association's statutory obligations under this chapter, the association is not considered:(1)  to be engaged in the business of insurance;(2)  to have assumed or succeeded to a liability of the impaired insurer; or(3)  to otherwise stand in the place of the impaired insurer for any purpose, including for the purpose of determining whether the association is subject to personal jurisdiction of the courts of another state.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.103 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 462.103. Plan of Operation

Sec. 462.103.  PLAN OF OPERATION.  (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;(D)  acceptable forms of proof of covered claims;(E)  regular places and times for board meetings;(F)  procedures for records to be kept of each financial transaction of the association, the association's agents, and the board; and(G)  procedures under which selections for the board are submitted to the commissioner;(3)  provide:(A)  for the establishment of a claims filing procedure that includes:(i)  notice by the association to claimants;(ii)  procedures for filing claims seeking recovery from the association; and(iii)  a procedure for appealing the denial of claims by the association; and(B)  that a member insurer aggrieved by a final action or decision of the association may appeal to the commissioner not later than the 30th day after the date of the action or decision; and(4)  contain additional provisions necessary or proper for the execution of the association's powers and duties.(b)  The association shall submit to the commissioner any amendment to the plan of operation necessary or suitable to ensure the fair, reasonable, and equitable administration of the association. The amendment takes effect on the commissioner's written approval.(c)  If the association does not submit a suitable amendment to the plan of operation, the commissioner after notice and hearing shall adopt reasonable rules as necessary or advisable to implement this chapter.  A rule continues in effect until modified by the commissioner or superseded by an amendment submitted by the association and approved by the commissioner.(d)  Each member insurer shall comply with the plan of operation.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.104 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 462.104. Notice to Insureds

Sec. 462.104.  NOTICE TO INSUREDS.  (a)  The commissioner may require that the association notify an impaired insurer's insureds and any other interested parties of:(1)  the designation of impairment; and(2)  the insureds' and other parties' rights under this chapter.(b)  The association shall give notice as the commissioner directs under this section.  The association shall mail the notice to the last known address, if available. If sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation is sufficient notice.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.105 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 462.105. Accounts

Sec. 462.105.  ACCOUNTS.  For purposes of administration and assessment, the association is divided into:(1)  the workers' compensation insurance account;(2)  the automobile insurance account; and(3)  the account for all other lines of insurance to which this chapter applies.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.106 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 462.106. Administrative Expenses

Sec. 462.106.  ADMINISTRATIVE EXPENSES.  (a)  The association may use money in the administrative account to pay administrative costs and other general expenses of the association.(b)  The association may transfer income from investment of the association's money to the administrative account.(c)  On notification by the association of the amount of any additional money needed for the administrative account, the association shall assess member insurers in the manner provided by Sections 462.159-462.168 for that money.  The commissioner shall consider the net direct written premiums collected in this state for all lines of business covered by this chapter.  An assessment for administrative expenses incurred by a supervisor or conservator appointed by the commissioner or a court-appointed receiver for a nonmember of the association or unauthorized insurer operating in this state may not exceed $1 million each calendar year.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.107 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 462.107. Examination of Association

Sec. 462.107.  EXAMINATION OF ASSOCIATION.  Not later than April 30 of each year, the association shall submit an audited financial statement for the preceding calendar year to the state auditor in a form approved by the state auditor's office.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.108 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 462.108. Deposit of Money

Sec. 462.108.  DEPOSIT OF MONEY.  The board may deposit the money the association collects into the Texas Treasury Safekeeping Trust Company in accordance with procedures established by the comptroller.  The comptroller shall account to the association for the deposited money separately from all other money.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.109 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 462.109. Delegation of Powers and Duties

Sec. 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 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.110 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 462.110. Exemption From Certain Fees and Taxes

Sec. 462.110.  EXEMPTION FROM CERTAIN FEES AND TAXES.  The association is exempt from payment of all fees and of all taxes levied by this state or a subdivision of this state, except taxes levied on real or personal property.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.111 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 462.111. Access to Records of Member Insurer in Receivership; Actuarial and Operational Analysis

Sec. 462.111.  ACCESS TO RECORDS OF MEMBER INSURER IN RECEIVERSHIP; ACTUARIAL AND OPERATIONAL ANALYSIS.  (a)  The association shall have access to the books and records of a member insurer in receivership to determine the extent of the impact on the association if the member becomes impaired.(b)  The association may:(1)  perform or cause to be performed an actuarial and operational analysis of the member insurer; and(2)  prepare a report on matters relating to the impact or potential impact on the association in the event of impairment.(c)  A report prepared under Subsection (b) is not a public document.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 462.112 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle D - Guaranty Associations|Chapter 462 - Texas Property and Casualty Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 462.112. Board Access to Records of Impaired Insurer

Sec. 462.112.  BOARD ACCESS TO RECORDS OF IMPAIRED INSURER.  The receiver or statutory successor of an impaired insurer covered by this chapter shall give the board or the board's representative:(1)  access to the insurer's records as necessary for the board to perform the board's functions under this chapter relating to covered claims; and(2)  copies of those records on the board's request and at the board's expense.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|