Texas Insurance Code

§ 462.004 — GENERAL DEFINITIONS

IN § 462.004Title 4. REGULATION OF SOLVENCY · Part D. GUARANTY ASSOCIATIONS · Ch. 462. TEXAS PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION · Art. A. GENERAL PROVISIONS

Statute text

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In this chapter:

(1)"Affiliate" means a person who, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with an impaired insurer on December 31 of the year preceding the date the insurer becomes an impaired insurer.

(2)"Association" means the Texas Property and Casualty Insurance Guaranty Association.

(3)"Board" means the board of directors of the association.

(4)"Claimant" means an insured making a first-party claim or a person instituting a liability claim.

(5)"Impaired insurer" means a member insurer that is subject to a final, nonappealable order of liquidation that includes a finding of insolvency issued by a court of competent jurisdiction in this state or in the insurer's state of domicile.

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Legislative history

Acts 2019, 86th Leg., R.S., Ch. 343 (S.B. 1063), Sec. 1, eff. September 1, 2019.