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.
Structure Texas Statutes
Subtitle C - Financial Solvency
Chapter 2602 - Texas Title Insurance Guaranty Association
Subchapter B. Governance of Texas Title Insurance Guaranty Association
Section 2602.051. Association as Legal Entity; Supervision; Membership
Section 2602.052. Board of Directors
Section 2602.053. Eligibility to Serve as Public Representative
Section 2602.054. Term; Vacancy
Section 2602.055. Compensation of Board Members
Section 2602.057. Rights of Title Insurance Company With Representative on Board