Texas Insurance Code 493.1037 – Certification by National Association of Insurance Commissioners
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Terms Used In Texas Insurance Code 493.1037
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
If an applicant for certification has been certified as a reinsurer in a National Association of Insurance Commissioners accredited jurisdiction:
(1) the commissioner may make a determination to defer to the accredited jurisdiction’s certification and the financial strength rating assigned by that jurisdiction; and
(2) if the commissioner makes the determination authorized by Subdivision (1), the applicant shall be considered to be a certified reinsurer in this state.