Texas Insurance Code 464.003 – Definitions
Current as of: 2024 | Check for updates
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Terms Used In Texas Insurance Code 464.003
- Contract: A legal written agreement that becomes binding when signed.
- 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 chapter:
(1) “Delinquency proceeding” has the meaning assigned by Section 443.004.
(2) “Fund” means the unauthorized insurance guaranty fund.
(3) “Fund account” means the account established for the deposit of money held by the fund.
(4) “Policy claim” means an obligation incurred under a contract or policy of insurance issued by an unauthorized insurer as described by Chapter 101. The term does not include claims under reinsurance contracts or claims of other creditors.
(5) “Receiver” means the receiver of an unauthorized insurer in a delinquency proceeding, including the commissioner when acting in that capacity, or a special deputy receiver.
(6) “Unauthorized insurer” has the meaning assigned by Section 443.004.