Texas Insurance Code - Section 442.001. Definitions
Legal Research Home >
Texas Lawyer > Insurance Code > Texas Insurance Code - Section 442.001. Definitions
§ 442.001. DEFINITIONS. (a) In this chapter:
(1) "Assets" means all property, whether specifically
mortgaged, pledged, deposited, or otherwise encumbered for the
security or benefit of specified persons or a limited class or
classes of persons. The term includes all deposits and funds of a
special or trust nature.
(2) "Delinquency proceeding" means a proceeding
initiated in a court of this state against an insurer to liquidate,
rehabilitate, reorganize, or conserve the insurer.
(3) "Insurer" means any organization, corporation, or
person that engages in the business of insurance, other than an
organization, corporation, or person that is specifically made
exempt from the application of this chapter by another statute that
references this chapter. The term includes:
(A) a capital stock company;
(B) a reciprocal or interinsurance exchange;
(C) a Lloyd's plan;
(D) a fraternal benefit society;
(E) a mutual or mutual assessment company of any
kind, including:
(i) a statewide mutual assessment company;
(ii) a local mutual aid association;
(iii) a burial association;
(iv) a county mutual insurance company;
and
(v) a farm mutual insurance company; and
(F) a fidelity, guaranty, or surety company.
(4) "Person" means an individual, association,
corporation, partnership, or other private legal entity.
(5) "Receiver" means a person appointed to act as
receiver under Section 442.051. The term includes the commissioner
or a person appointed by the commissioner to act as special deputy
receiver.
(b) For purposes of this chapter, "court" means the court in
which a delinquency proceeding is pending, unless the context
clearly indicates otherwise.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 441.252 441.253 441.254 441.255 441.301 441.302 441.351 442.001 442.002 442.003 442.004 442.051 442.052 442.053 442.054
Last modified: August 10, 2007
|
