Tex.
Ins. Code Section 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.
Source:
Section 2602.101 — General Powers and Duties, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.2602.htm#2602.101 (accessed Jun. 5, 2024).
