Tex. Ins. Code Section 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.

Source: Section 493.001 — Definitions, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­493.­htm#493.­001 (accessed Jun. 5, 2024).

Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 493.001’s source at texas​.gov