Texas Insurance Code 281.051 – Definitions
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Terms Used In Texas Insurance Code 281.051
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
In this subchapter:
(1) “Domestic insurer” and “foreign insurer” have the meanings assigned by Section 281.001.
(2) “Penalty or other obligation” includes a sanction, fine, financial, deposit, or regulatory requirement, and any other obligation, prohibition, or restriction.