Texas Insurance Code 493.001 – Definitions
Current as of: 2024 | Check for updates
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Terms Used In Texas Insurance Code 493.001
- Contract: A legal written agreement that becomes binding when signed.
- 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
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
In this chapter:
(1) “Assuming insurer” means an insurer that, under a reinsurance contract, incurs an obligation to a ceding insurer, the performance of which is contingent on the ceding insurer incurring liability or loss under the ceding insurer’s insurance contract with a third person.
(2) “Qualified United States financial institution” means an institution that:
(A) is organized or, in the case of a United States branch or agency office of a foreign banking organization, licensed, under the laws of the United States or any state of the United States; and
(B) is regulated, supervised, and examined by a federal or state authority that has regulatory authority over banks and trust companies.