Sec. 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 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Section: 492.001 492.002 492.003 492.051 492.052 492.053 492.054 492.055 492.056 492.101 492.102 492.103 492.104 492.105 492.106 NextLast modified: September 28, 2016