Tex. Insurance Code § 493.001
DEFINITIONS
Texas · Texas Insurance Code · Status: effective
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- Citation
- Tex. Insurance Code § 493.001, DEFINITIONS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/678015
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Full text
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.