Texas Insurance Code 544.051 – Applicability of Subchapter
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Terms Used In Texas Insurance Code 544.051
- 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.
This subchapter applies to any individual, corporation, association, partnership, or other legal entity engaged in the business of insurance, including:
(1) a fraternal benefit society;
(2) a county mutual insurance company;
(3) a Lloyd’s plan;
(4) a reciprocal or interinsurance exchange;
(5) a farm mutual insurance company; and
(6) an agent, broker, or adjuster.