Texas Insurance Code Chapter 226 – Unauthorized and Independently Procured Insurance Premium Tax
Current as of: 2024 | Check for updates
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Subchapter A | Unauthorized Insurance Premium Tax | 226.001 – 226.006 |
Subchapter B | Independently Procured Insurance Premium Tax | 226.051 – 226.057 |
Terms Used In Texas Insurance Code Chapter 226 - Unauthorized and Independently Procured Insurance Premium Tax
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- 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.
- Donor: The person who makes a gift.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Fraud: Intentional deception resulting in injury to another.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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.
- Justice: when applied to a magistrate, means justice of the peace. See Texas Government Code 312.011
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
- Property: means real and personal property. See Texas Government Code 311.005
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
- Week: means seven consecutive days. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005