Texas Insurance Code

§ 493.001 — DEFINITIONS

IN § 493.001Title 4. REGULATION OF SOLVENCY · Part F. REINSURANCE · Ch. 493. AUTHORIZED REINSURANCE; CREDIT AND ACCOUNTING · Art. A. GENERAL PROVISIONS

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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.

Legislative history

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.