Tex.
Ins. Code Section 1508.260
Fund Administrator
(a)
The commissioner may obtain the services of an independent organization to administer the fund.(b)
The commissioner shall establish guidelines for the submission of proposals by organizations for the purposes of administering the fund and may approve, disapprove, or recommend modification to the proposal of an applicant to administer the fund.(c)
An organization approved to administer the fund shall submit reports to the commissioner, in the form and at the times required by the commissioner, as necessary to facilitate evaluation and ensure orderly operation of the fund, including an annual report of the affairs and operations of the fund. The annual report must also be delivered to the governor, the lieutenant governor, and the speaker of the house of representatives.(d)
An organization approved to administer the fund shall maintain records in the form prescribed by the commissioner and make those records available for inspection by or at the request of the commissioner.(e)
The commissioner shall determine the amount of compensation to be allocated to an approved organization as payment for fund administration. Compensation is payable only from the fund.(f)
The commissioner may remove an organization approved to administer the fund from fund administration. An organization removed from fund administration under this subsection must cooperate in the orderly transition of services to another approved organization or to the commissioner.
Source:
Section 1508.260 — Fund Administrator, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.1508.htm#1508.260 (accessed Apr. 20, 2024).
