Definitions

Sec. 493.001. DEFINITIONS. 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. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.