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Texas Insurance Code - INS § 493.001. Definitions

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

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.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 493.001. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-493-001/

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