Texas Insurance Code 1551.007 – Definition of Carrier
Terms Used In Texas Insurance Code 1551.007
- 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.
In this chapter, “carrier” means:
(1) an insurance company that is authorized by the department under this code or another insurance law of this state to provide any of the types of insurance coverages, benefits, or services provided for in this chapter and that:
(A) has a surplus of $1 million;
(B) has a successful operating history; and
(C) has had successful experience, as determined by the department, in providing and servicing any of the types of group coverage provided for in this chapter;
(2) a corporation operating under Chapter 842 or 843 that provides any of the types of coverage, benefits, or services provided for in this chapter and that:
(A) has a successful operating history; and
(B) has had successful experience, as determined by the department, in providing and servicing any of the types of group coverage provided for in this chapter; or
(3) any combination of carriers described by Subdivisions (1) and (2) on terms the board of trustees prescribes.