Texas Insurance Code 491.004 – Risk Limitation for Alien Insurer
Current as of: 2024 | Check for updates
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Terms Used In Texas Insurance Code 491.004
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
An insurer incorporated under the laws of a jurisdiction other than this state, another state, or the United States and authorized to engage in business in this state may not, unless the insurer reinsures the excess in another solvent insurer, expose itself to a loss or hazard on a single risk in an amount that exceeds the sum of:
(1) 10 percent of the insurer’s deposit with the statutory officer in the state through which the insurer is authorized to engage in business in the United States; and
(2) 10 percent of the other surplus for policyholders of the insurer’s United States branch.