Texas Insurance Code 542.151 – Applicability of Subchapter
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Terms Used In Texas Insurance Code 542.151
- 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.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
This subchapter applies only to the settlement of a claim under a casualty insurance policy that is delivered, issued for delivery, or renewed in this state, including a policy written by:
(1) a county mutual insurance company;
(2) a Lloyd’s plan;
(3) an eligible surplus lines insurer; or
(4) a reciprocal or interinsurance exchange.