reglab/housing_qa huggingface dataset:
TX Ins Code § 2602.052 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter B. Governance of Texas Title Insurance Guaranty Association|Section 2602.052. Board of Directors

Sec. 2602.052.  BOARD OF DIRECTORS.  (a)  The association's powers are exercised through a board of directors consisting of nine individuals appointed by the commissioner.(b)  Three board members must be officers or employees of title insurance companies.  Two board members must be officers or employees of agents.  Four board members must be public representatives.(c)  Board members other than public representatives shall be chosen to give fair representation to all title insurance companies and agents, considering the following categories:(1)  premium income;(2)  geographical location;  and(3)  segments of the industry represented in this state.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.|
TX Ins Code § 2602.053 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter B. Governance of Texas Title Insurance Guaranty Association|Section 2602.053. Eligibility to Serve as Public Representative

Sec. 2602.053.  ELIGIBILITY TO SERVE AS PUBLIC REPRESENTATIVE.  (a)  In this section, "immediate family" includes parents, a spouse, children, brothers, and sisters residing in the same household.(b)  To be eligible to serve as a public representative on the board, an individual must have resided in this state during the five years preceding appointment and may not be:(1)  licensed by or subject to the regulation of the department;(2)  financially involved in an organization subject to the regulation of the department other than by ownership of an insurance policy or contract;(3)  a member of the immediate family of an individual who is financially involved in an organization subject to the regulation of the department;(4)  engaged in or employed by an entity having a contract with an organization subject to the regulation of the department;(5)  employed by, on the board of directors of, or a holder of an elective office by or under the authority of a unit of federal, state, or local government or an organization that receives a significant part of its funding from a unit of federal, state, or local government;(6)  employed by or associated with an organization formed to represent license holders of the department or organizations or individuals subject to the regulation of the department;  or(7)  required to register as a lobbyist under Chapter 305, Government Code, because of activities on behalf of an organization representing the regulated industry.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.|
TX Ins Code § 2602.054 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter B. Governance of Texas Title Insurance Guaranty Association|Section 2602.054. Term; Vacancy

Sec. 2602.054.  TERM;  VACANCY.  (a)  Board members serve staggered six-year terms, with the terms of three members expiring each odd-numbered year.  A member may serve more than one term.(b)  A member shall serve until a successor is appointed.(c)  If a member other than a public representative ceases to be an officer or employee of a title insurance company or agent, the member's office becomes vacant.(d)  The commissioner shall appoint an individual to fill a vacancy on the board for the unexpired term.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.|
TX Ins Code § 2602.055 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter B. Governance of Texas Title Insurance Guaranty Association|Section 2602.055. Compensation of Board Members

Sec. 2602.055.  COMPENSATION OF BOARD MEMBERS.  A board member may not receive compensation for the member's services but is entitled to reimbursement for actual expenses incurred in performing the member's duties.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.|
TX Ins Code § 2602.057 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter B. Governance of Texas Title Insurance Guaranty Association|Section 2602.057. Rights of Title Insurance Company With Representative on Board

Sec. 2602.057.  RIGHTS OF TITLE INSURANCE COMPANY WITH REPRESENTATIVE ON BOARD.  (a)  A title insurance company is not prohibited, because the company has an officer, director, or employee serving as a board member, from negotiating for or entering into a contract of reinsurance or assumption of liability or a contract of substitution to provide for liabilities for covered claims with the association, the commissioner, or the receiver or conservator of an impaired title insurance company or agent.(b)  A conflict of interest does not arise from entering into a contract described by this section.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.Amended by: Acts 2019, 86th Leg., R.S., Ch. 775 (H.B. 1614), Sec. 3, eff. September 1, 2019.|
TX Ins Code § 2602.101 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 2602.101. General Powers and Duties

Sec. 2602.101.  GENERAL POWERS AND DUTIES.  (a)  In addition to the other powers and duties provided by this chapter, the association may:(1)  borrow money as necessary to implement this chapter according to the plan of operation;(2)  lend money to the receiver, supervisor, or conservator of an impaired title insurance company or its agent;(3)  sue and be sued, including taking any legal action necessary or proper to recover an unpaid assessment;(4)  enter into contracts as necessary or proper to implement this chapter;(5)  ensure payment of the policy obligations of an impaired title insurance company;(6)  negotiate and contract with a rehabilitator, conservator, supervisor, receiver, ancillary receiver, or other third party to exercise the powers and perform the duties of the association;(7)  guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, a policy or contract of an impaired title insurance company;(8)  take legal action necessary to avoid the payment of improper claims or to settle claims or potential claims against an impaired title insurance company or agent, or the association;(9)  assume control of and consolidate the escrow accounts transferred to the association by an impaired agent that has been placed in receivership, supervision, or conservatorship, and:(A)  pay covered claims from the consolidated escrow accounts to facilitate processing and payment of claims;(B)  maintain a separate accounting for each transferred escrow account; and(C)  return money not used to pay a covered claim to the owner of the money in accordance with the contract governing the escrow of the money; and(10)  perform any other acts as necessary or proper to implement this chapter.(b)  The association has standing to appear before a court in this state with jurisdiction over an impaired title insurance company or agent concerning which the association is or may become obligated under this chapter.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.Amended by: Acts 2019, 86th Leg., R.S., Ch. 775 (H.B. 1614), Sec. 4, eff. September 1, 2019.|
TX Ins Code § 2602.102 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 2602.102. Plan of Operation

Sec. 2602.102.  PLAN OF OPERATION.  (a)  The association shall perform its functions under a plan of operation.  The plan of operation must contain provisions necessary or proper for the execution of the association's powers and duties.  The plan of operation must, in addition to the other requirements of this chapter:(1)  establish:(A)  procedures for handling the assets of the association;(B)  the amount and method of reimbursing board members;(C)  regular places and times for board meetings;(D)  procedures for maintaining records of all financial transactions of the association, its agents, and the board; and(E)  procedures for determining the amount of guaranty fees, for collecting those fees, and for assessments;(2)  provide for the establishment of a claims filing procedure that includes:(A)  notice by the association to claimants;(B)  procedures for filing claims seeking recovery from the association; and(C)  a procedure for appealing the denial of claims by the association; and(3)  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 or the 90th day after the date the amendment is submitted unless disapproved by the commissioner.(c)  If the association does not submit a suitable amendment to the plan of operation, the commissioner after notice and hearing may 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 title insurance company shall comply with the plan of operation.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.Amended by: Acts 2019, 86th Leg., R.S., Ch. 775 (H.B. 1614), Sec. 5, eff. September 1, 2019.|
TX Ins Code § 2602.103 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 2602.103. Employees and Experts

Sec. 2602.103.  EMPLOYEES AND EXPERTS.  (a)  The association may employ or retain persons to perform the functions necessary or proper under this chapter, including persons necessary to handle the association's financial transactions.(b)  On the commissioner's approval, the association shall reimburse the department out of the guaranty fee account for the cost, including reasonable and necessary expenses, to employ or retain one or more persons to:(1)  audit and review agent escrow and trust accounts, financial condition, and compliance with applicable statutes and rules;(2)  report to the commissioner on the accounts, condition, and compliance; or(3)  supervise a person employed or retained to perform audit and review under Subdivision (1).(c)  A person employed or retained under Subsection (b) acts solely under the direction of and as assigned by the commissioner but shall report the person's activity and expenses to the association on the request of the association.(d)  Repealed by Acts 2019, 86th Leg., R.S., Ch. 775 (H.B. 1614), Sec. 31, eff. September 1, 2019.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.Amended by: Acts 2019, 86th Leg., R.S., Ch. 775 (H.B. 1614), Sec. 6, eff. September 1, 2019.Acts 2019, 86th Leg., R.S., Ch. 775 (H.B. 1614), Sec. 31, eff. September 1, 2019.|
TX Ins Code § 2602.104 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 2602.104. Association Records

Sec. 2602.104.  ASSOCIATION RECORDS.  (a)  The association shall maintain a record of its activities in exercising its powers and performing its duties under this chapter.(b)  A record under Subsection (a) may be made public only on:(1)  termination of a liquidation, rehabilitation, or conservation proceeding involving the impaired or insolvent title insurance company;(2)  termination of the impairment or insolvency of the title insurance company;  or(3)  order of a court.(c)  This section does not limit the association's duty to report on its activities under this chapter.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.Amended by: Acts 2019, 86th Leg., R.S., Ch. 775 (H.B. 1614), Sec. 7, eff. September 1, 2019.|
TX Ins Code § 2602.105 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 2602.105. Meeting by Conference Call

Sec. 2602.105.  MEETING BY CONFERENCE CALL.  Notwithstanding Chapter 551, Government Code, the board may hold an open meeting by telephone conference call if immediate action is required and convening of a quorum of the board at a single location is not reasonable or practical.  The meeting is subject to the notice requirements that apply to other meetings.  The notice of the meeting must specify as the location of the meeting the location at which meetings of the board are usually held.  Each part of the meeting that is required to be open to the public must be audible to the public at that location and must be recorded.  The audio recording shall be retained and made available to the public for 30 days after the meeting date.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.Amended by: Acts 2019, 86th Leg., R.S., Ch. 775 (H.B. 1614), Sec. 8, eff. September 1, 2019.|
TX Ins Code § 2602.106 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 2602.106. Accounts

Sec. 2602.106.  ACCOUNTS.  For purposes of administration and assessment, the board shall establish:(1)  an administrative account;(2)  a title account;  and(3)  a guaranty fee account.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.|
TX Ins Code § 2602.107 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 2602.107. Administrative Expenses

Sec. 2602.107.  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 in any account to the administrative account.(c)  The association shall assess title insurance companies as provided by Subchapter E for any additional money needed for the administrative account.(d)  The association shall pay from the guaranty fee account fees and reasonable and necessary expenses that the department incurs in an examination or audit of a title agent or direct operation under this chapter and Chapter 2651.(e)  The association may advance money from any account to the administrative account to pay the administrative expenses of the association.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.Amended by: Acts 2009, 81st Leg., R.S., Ch. 1025 (H.B. 4338), Sec. 5, eff. September 1, 2009.Acts 2019, 86th Leg., R.S., Ch. 775 (H.B. 1614), Sec. 9, eff. September 1, 2019.|
TX Ins Code § 2602.108 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 2602.108. Deposit of Fees and Assessments

Sec. 2602.108.  DEPOSIT OF FEES AND ASSESSMENTS.  The association may deposit fees and assessments it 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 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.|
TX Ins Code § 2602.109 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 2602.109. Use of Excess Money in Accounts

Sec. 2602.109.  USE OF EXCESS MONEY IN ACCOUNTS.  (a)  The association shall reserve in the title account the amount of money the association determines reasonably necessary for efficient future administration under this chapter.  The association shall return the excess  money pro rata to the holders of participation receipts on which an outstanding balance exists after deducting any credits against premium taxes taken under Section 2602.210. The amount deducted for those credits shall be deposited with the comptroller for credit to the general revenue fund. The association shall transfer to the guaranty fee account any excess money remaining in the title account after the distribution and reservation of money for administration.(b)  If the association determines that money in the administrative account exceeds the amount reasonably necessary for efficient future operation under this chapter, the association shall transfer the excess money to the guaranty fee account.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.Amended by: Acts 2019, 86th Leg., R.S., Ch. 775 (H.B. 1614), Sec. 10, eff. September 1, 2019.|
TX Ins Code § 2602.110 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 2602.110. Expenses of Administering Impaired Insurer or Impaired Agent

Sec. 2602.110.  EXPENSES OF ADMINISTERING IMPAIRED INSURER OR IMPAIRED AGENT.  (a)  The association may spend or advance money necessary to pay the expenses of administering the supervision, rehabilitation, receivership, conservatorship, or, as determined by a court of competent jurisdiction, other insolvency of an impaired title insurance company or impaired agent, on terms the association negotiates, if the company's or agent's assets are insufficient to pay those expenses.(b)  The association may file a claim in a receivership proceeding against an impaired title insurance company or impaired agent to recover the association's reasonable costs incurred in exercising the association's powers or performing the association's duties under this chapter with respect to the impaired title insurance company or impaired agent.  Payment of a claim asserted by the association under this section in a receivership proceeding in this state is governed by Section 443.301.  Payment of a claim asserted by the association under this section in a receivership proceeding in another state is governed by the law governing priority of payment of distributions on unsecured claims by an insurance guaranty association in that state.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.Amended by: Acts 2009, 81st Leg., R.S., Ch. 1025 (H.B. 4338), Sec. 6, eff. September 1, 2009.Acts 2019, 86th Leg., R.S., Ch. 775 (H.B. 1614), Sec. 11, eff. September 1, 2019.|
TX Ins Code § 2602.111 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 2602.111. Delegation of Powers and Duties

Sec. 2602.111.  DELEGATION OF POWERS AND DUTIES.  (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.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.Amended by: Acts 2019, 86th Leg., R.S., Ch. 775 (H.B. 1614), Sec. 12, eff. September 1, 2019.|
TX Ins Code § 2602.112 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 2602.112. Exemption From Taxation

Sec. 2602.112.  EXEMPTION FROM TAXATION.  The association is exempt from payment of all fees and all taxes levied by this state or a subdivision of this state, except taxes levied on real or personal property.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.|
TX Ins Code § 2602.113 (2021)
2021 Texas Statutes|Insurance Code|Title 11 - Title Insurance|Subtitle C - Financial Solvency|Chapter 2602 - Texas Title Insurance Guaranty Association|Subchapter C. General Powers and Duties of Association|Section 2602.113. Detection and Prevention of Impairment

Sec. 2602.113.  DETECTION AND PREVENTION OF IMPAIRMENT.  (a)  The board may make recommendations to the commissioner for detecting and preventing title insurance company or agent impairments.  The board shall advise and counsel with the commissioner on matters relating to the solvency of title insurance companies and agents.(b)  The board may report and make recommendations to the commissioner relating to any matter germane to the solvency, liquidation, rehabilitation, or conservation of a title insurance company or agent.  A report or recommendation under this subsection is not a public document until a title insurance company is designated impaired.(c)  The board shall notify the commissioner of any information indicating that a title insurance company or agent may be unable or potentially unable to fulfill its contractual obligations and shall request a meeting with the commissioner.  The board may request appropriate investigation and action by the commissioner.  The commissioner may investigate and act as the commissioner considers appropriate.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.|