Texas Insurance Code 4053.001 – Definitions
Current as of: 2024 | Check for updates
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Terms Used In Texas Insurance Code 4053.001
- 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.
- 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
In this chapter:
(1) “Affiliate” means a person who is classified as an affiliate under Section 823.003(a).
(2) “Insurer” means an insurance company, carrier, corporation, reciprocal or interinsurance exchange, mutual, association, county mutual insurance company, Lloyd’s plan, or other insurance carrier authorized to engage in the business of insurance in this state.
(3) “Managing general agent” means a person, firm, or corporation that has supervisory responsibility for the local agency and field operations of an insurer in this state or that is authorized by an insurer to accept or process on the insurer’s behalf insurance policies produced and sold by other agents.