Texas Insurance Code 823.003 – Classification as Affiliate or Subsidiary
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(a) A person is an affiliate of another if the person directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with the other person.
(b) A person is a subsidiary of another if the person is an affiliate of and is controlled by the other person directly or indirectly through one or more intermediaries.
Terms Used In Texas Insurance Code 823.003
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
(c) A subsidiary or holding company of a person is an affiliate of that person.