Texas Insurance Code 823.004 – Classification as Commercially Domiciled Insurer
(a) For purposes of this chapter, a foreign or alien insurer authorized to engage in the business of insurance in this state is a commercially domiciled insurer if during the period described by Subsection (b) the average of the gross premiums written by the insurer in this state is:
(1) more than the average of the gross premiums written by the insurer in its state of domicile; and
(2) 30 percent or more of the total gross premiums written by the insurer in the United States, as reported in its three most recent annual statements.
(b) The period applicable to Subsection (a) is:
(1) the three most recent fiscal years of the insurer that precede the fiscal year in which the determination under this section is made; or
(2) if the insurer has been authorized to engage in the business of insurance in this state for less than the period described by Subdivision (1), the period for which the insurer has been authorized to engage in the business of insurance in this state.
Terms Used In Texas Insurance Code 823.004
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005