Texas Insurance Code - Section 492.001. Definitions
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§ 492.001. DEFINITIONS. In this chapter:
(1) "Assuming insurer" means an insurer that, under a
reinsurance contract, incurs an obligation to a ceding insurer, the
performance of which is contingent on the ceding insurer's
incurring liability or loss under the ceding insurer's insurance
contract with a third person.
(2) "Qualified United States financial institution"
means an institution that:
(A) is organized or, in the case of a United
States branch or agency office of a foreign banking organization,
licensed, under the laws of the United States or any state of the
United States; and
(B) is regulated, supervised, and examined by a
federal or state authority that has regulatory authority over banks
and trust companies.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 491.001 491.002 491.003 491.004 491.005 491.051 491.052 492.001 492.002 492.003 492.051 492.052 492.053 492.054 492.055
Last modified: August 10, 2007
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