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Texas Insurance Code - INS § 424.101. Definitions

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

In this subchapter:

(1) “Business entity” means an association, corporation, joint stock company, joint venture, limited liability company, mutual fund trust, partnership, or other similar form of business organization, regardless of whether organized for profit.

(2) “Obligation” means:

(A) a bond, note, debenture, trust certificate, including an equipment certificate, or production payment;

(B) a negotiable bank certificate of deposit, bankers' acceptance, credit tenant loan, or other loan secured by financing net leases; or

(C) any other evidence of indebtedness for the payment of money or participation certificates or other evidences of an interest in an obligation otherwise described by this subdivision, whether constituting a general obligation of the issuer or payable only out of certain revenues or certain funds pledged or otherwise dedicated for payment.

(3) “Qualified bank” means a national bank, state bank, or trust company that:

(A) is at all times adequately capitalized as determined by the standards adopted by the United States banking regulators; and

(B) is either a member of the Federal Reserve System or regulated by state banking laws.

(4) “Repurchase transaction,” “reverse repurchase transaction,” and “securities lending transaction” have the meanings assigned by Section 424.151.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 424.101. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-424-101/

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