Texas Insurance Code 228.002 – Definition of Affiliate
Terms Used In Texas Insurance Code 228.002
- 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.
- 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, “affiliate” of another person means:
(1) a person that is an affiliate for purposes of § 823.003;
(2) a person that directly or indirectly:
(A) beneficially owns 10 percent or more of the outstanding voting securities or other voting or management interests of the other person, whether through rights, options, convertible interests, or otherwise; or
(B) controls or holds power to vote 10 percent or more of the outstanding voting securities or other voting or management interests of the other person;
(3) a person 10 percent or more of the outstanding voting securities or other voting or management interests of which are directly or indirectly:
(A) beneficially owned by the other person, whether through rights, options, convertible interests, or otherwise; or
(B) controlled or held with power to vote by the other person;
(4) a partnership in which the other person is a general partner;
(5) an officer, director, employee, or agent of the other person; or
(6) an immediate family member of an officer, director, employee, or agent described by Subdivision (5).