Texas Insurance Code 961.207 – Participation Agreements
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Insurance Code 961.207
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- 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.
A nonprofit legal services corporation may:
(1) contract with another nonprofit legal services corporation or an insurer authorized to engage in business in this state for joint participation through:
(A) a mutualization contract agreement; or
(B) a guaranty treaty; and
(2) cede or accept a legal services obligation from such a corporation or insurer on all or part of a legal services obligation.