(a) Except as provided by Subsection (b), a health care collaborative that enters into a delegation agreement described by Section 1272.001 is subject to the requirements of Chapter 1272 in the same manner as a health maintenance organization.
(b) Section 1272.301 does not apply to a delegation agreement entered into by a health care collaborative.

(c) A health care collaborative may enter into a delegation agreement with an entity licensed under Chapter 841, 842, or 883 if the delegation agreement assigns to the entity responsibility for:
(1) a function regulated by:
(A) Chapter 222;
(B) Chapter 841;
(C) Chapter 842;
(D) Chapter 883;
(E) Chapter 1272;
(F) Chapter 1301;
(G) Chapter 4201;
(H) Section 1367.053; or
(I) Subchapter A, Chapter 1507; or
(2) another function specified by commissioner rule.
(d) A health care collaborative that enters into a delegation agreement under this section shall maintain reserves and capital in addition to the amounts required under Chapter 1272, in an amount and form determined by rule of the commissioner to be necessary for the liabilities and risks assumed by the health care collaborative.
(e) A health care collaborative that enters into a delegation agreement under this section is subject to Chapters 404, 441, and 443 and is considered to be an insurer for purposes of those chapters.