Texas Insurance Code 4151.051 – Certificate of Authority Required
Current as of: 2024 | Check for updates
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(a) An individual, corporation, organization, trust, partnership, or other legal entity may not act as or hold itself out as an administrator unless the entity is covered by and is engaging in business under a certificate of authority issued under this chapter.
(b) An administrator is required to hold only one certificate of authority issued under this chapter.
Terms Used In Texas Insurance Code 4151.051
- 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.