Texas Insurance Code - Section 462.004. General Definitions
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§ 462.004. GENERAL DEFINITIONS. In this chapter:
(1) "Affiliate" means a person who, directly or
indirectly, through one or more intermediaries, controls, is
controlled by, or is under common control with an impaired insurer
on December 31 of the year preceding the date the insurer becomes an
impaired insurer.
(2) "Association" means the Texas Property and
Casualty Insurance Guaranty Association.
(3) "Board" means the board of directors of the
association.
(4) "Claimant" means an insured making a first-party
claim or a person instituting a liability claim.
(5) "Impaired insurer" means a member insurer that is:
(A) placed in:
(i) temporary or permanent receivership or
liquidation under a court order, including a court order of another
state, based on a finding of insolvency; or
(ii) conservatorship after the
commissioner determines that the insurer is insolvent; and
(B) designated by the commissioner as an impaired
insurer.
(6) "Member insurer" means an insurer, including a
stock insurance company, a mutual insurance company, a Lloyd's
plan, a reciprocal or interinsurance exchange, and a county mutual
insurance company, that:
(A) writes any kind of insurance to which this
chapter applies under Sections 462.007 and 462.008, including
reciprocal or interinsurance exchange contracts; and
(B) holds a certificate of authority to engage in
the business of insurance in this state.
(7) "Person" means an individual, corporation,
partnership, association, or voluntary organization.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 442.804 461.001 461.002 461.003 462.001 462.002 462.003 462.004 462.005 462.006 462.007 462.008 462.009 462.010 462.011
Last modified: August 11, 2007
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