Texas Insurance Code - Section 493.001. Definitions
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§ 493.001. 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 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: 492.151 492.152 492.153 492.154 492.155 492.156 492.157 493.001 493.002 493.003 493.051 493.052 493.053 493.054 493.055
Last modified: August 10, 2007
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