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House Bill 1614 |
House Author: Oliverson et al. |
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Effective: 9-1-19 |
Senate Sponsor: Creighton |
House Bill 1614 amends the Insurance Code to revise and update the Texas Title Insurance Guaranty Act. Among other provisions, the bill grants a Texas Title Insurance Guaranty Association representative immunity from liability for a good faith action or omission of the representative in exercising the representative's powers and performing the representative's duties, establishes venue for an action against the association, and revises the association's general powers and duties. The bill requires the association's plan of operation to provide for the establishment of a claims filing procedure that satisfies certain criteria and allows for an amendment to the plan of operation to take effect if the commissioner of insurance does not disapprove the amendment within 90 days of submission. The bill provides for the association's authority to advance money from certain accounts for specified purposes and for the association's authority to file a claim in a receivership proceeding against an impaired title insurance company or impaired agent to recover certain costs incurred by the association. The bill includes provisions relating to assessments and supplemental assessments, claims against trust funds or an escrow account, appeals of claim determinations, and claim deadlines. The bill increases certain coverage limits.