Texas Insurance Code 462.007 – Applicability in General; Exceptions
(a) Except as provided by Subsection (b), this chapter applies to each kind of direct insurance.
(b) Except as provided by Subchapter F, this chapter does not apply to:
(1) life, annuity, health, or disability insurance;
(2) mortgage guaranty, financial guaranty, or other kinds of insurance offering protection against investment risks;
(3) a fidelity or surety bond, or any other bonding obligation;
(4) credit insurance, vendors’ single-interest insurance, collateral protection insurance, or similar insurance protecting a creditor’s interest arising out of a creditor-debtor transaction;
(5) insurance of warranties or service contracts;
(6) title insurance;
(7) ocean marine insurance;
(8) a transaction or combination of transactions between a person, including an affiliate of the person, and an insurer, including an affiliate of the insurer, that involves the transfer of investment or credit risk unaccompanied by the transfer of insurance risk, including transactions, except for workers’ compensation insurance, involving captive insurers, policies in which deductible or self-insured retention is substantially equal in amount to the limit of the liability under the policy, and transactions in which the insured retains a substantial portion of the risk; or
(9) insurance provided by or guaranteed by government.
Terms Used In Texas Insurance Code 462.007
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005