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Texas Insurance Code - INS § 221.001. Applicability of Chapter

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) This chapter applies to an insurer, organization, or concern that receives gross premiums subject to taxation under Section 221.002, including a reciprocal or interinsurance exchange that elects to be subject to taxation under this chapter in accordance with Section 224.003 and a Lloyd's plan.

(b) This chapter does not apply to:

(1) a fraternal benefit society, including a fraternal benefit society operating under Chapter 885;

(2) a group hospital service corporation operating under Chapter 842;

(3) a stipulated premium company operating under Chapter 884;

(4) a mutual assessment association, company, or corporation regulated under Chapter 887;

(5) a purely cooperative or mutual fire insurance company carried on by its members solely for the protection of their own property and not for profit, except as provided by Section 221.002(b)(13);

(6) a farm mutual insurance company operating under Chapter 911, unless the company is acting as a fronting insurer;

(7) the Texas Windstorm Insurance Association;  or

(8) the Texas FAIR Plan Association.

(c) In this section, “fronting insurer” means a farm mutual insurance company:

(1) issuing an insurance policy that is the result of:

(A) marketing by an insurer not affiliated with the farm mutual insurance company;

(B) an application submitted by a consumer to an insurer not affiliated with the farm mutual insurance company;  or

(C) an agreement with an insurer that is not a farm mutual insurance company solely for the purpose of being regulated under Chapter 911;  or

(2) that cedes 85 percent or more of the farm mutual insurance company's direct written premium to one or more nonaffiliated reinsurers.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 221.001. Applicability of Chapter - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-221-001/

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