Texas Insurance Code 423.101 – Definition
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Terms Used In Texas Insurance Code 423.101
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
In this subchapter, “clearing corporation” means:
(1) a clearing corporation as defined by Section 8.102(a), Business & Commerce Code; or
(2) a clearance system that:
(A) is organized or operating under the laws of at least one foreign country;
(B) provides for book-entry settlement and custody of internationally traded securities; and
(C) has been organized and in operation for not less than 15 consecutive years.