Texas Insurance Code 1601.005 – Definition of Carrier
Terms Used In Texas Insurance Code 1601.005
- 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 to provide under this code any of the types of insurance coverages, benefits, or services provided for in this chapter, and that:
(A) has an adequate surplus;
(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 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 system prescribes.