Texas Insurance Code

§ 226.051 — DEFINITIONS

IN § 226.051Title 3. DEPARTMENT FUNDS, FEES, SURCHARGES, AND TAXES · Part B. INSURANCE PREMIUM TAXES · Ch. 226. UNAUTHORIZED AND INDEPENDENTLY PROCURED INSURANCE PREMIUM TAX · Art. B. INDEPENDENTLY PROCURED INSURANCE PREMIUM TAX

Statute text

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In this subchapter:

(1)"Affiliate" means, with respect to an insured, a person or entity that controls, is controlled by, or is under common control with the insured.

(2)"Affiliated group" means a group of entities whose members are all affiliated.

(3)"Control" means, with respect to determining the home state of an affiliated entity:

(A)to directly or indirectly, acting through one or more persons, own, control, or hold the power to vote at least 25 percent of any class of voting security of the affiliated entity; or

(B)to control in any manner the election of the majority of directors or trustees of the affiliated entity.

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Legislative history

Acts 2011, 82nd Leg., 1st C.S., Ch. 4 (S.B. 1), Sec. 18.07, eff. September 28, 2011.