Texas Insurance Code

§ 805.001 — DEFINITIONS

IN § 805.001Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part A. GENERAL PROVISIONS APPLICABLE TO INSURERS AND RELATED ENTITIES · Ch. 805. DIRECTORS, OFFICERS, AND OTHER INTERESTED PERSONS · Art. A. ACTIVITIES OF DIRECTORS, OFFICERS, AND SHAREHOLDERS

Statute text

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In this subchapter:

(1)"Major shareholder" means an individual, corporation, partnership, association, joint-stock company, business trust, or unincorporated organization that is directly or indirectly the beneficial owner of more than 10 percent of any class of an equity security of an insurer.

(2)"Subsidiary" means a corporation:

(A)of which at least 50 percent of any class of an equity security is owned by an insurer; or

(B)that is managed, directly or indirectly controlled, or subject to control by an insurer.

Legislative history

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.