Texas Insurance Code 101.002 – Definitions
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Terms Used In Texas Insurance Code 101.002
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Rule: includes regulation. See Texas Government Code 311.005
In this chapter:
(1) “Insurer” includes:
(A) a corporation, association, partnership, or individual engaged as a principal in the business of insurance;
(B) an interinsurance exchange or mutual benefit society; or
(C) an insurance exchange or syndicate.
(2) “Unfair act” means an unfair method of competition or an unfair or deceptive act or practice as defined under Chapter 541 or a rule adopted under that chapter.