Texas Insurance Code 701.001 – Definitions
Terms Used In Texas Insurance Code 701.001
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
In this chapter:
(1) “Authorized governmental agency” means:
(A) a municipal, county, or state law enforcement agency of this state or another state or a law enforcement agency of the United States; or
(B) the prosecuting attorney of a municipality, county, or judicial district of this state or another state or the prosecuting attorney of the United States.
(2) “Fraudulent insurance act” means an act that is a violation of a penal law and is:
(A) committed or attempted while engaging in the business of insurance;
(B) committed or attempted as part of or in support of an insurance transaction; or
(C) part of an attempt to defraud an insurer.
(3) “Insurer” means a person who is engaged in the business of insurance as a principal or agent. The term includes:
(A) an unauthorized insurer; and
(B) an entity that is self-insured and provides health care benefits to the entity’s employees.
(4) “Person” means an individual, corporation, organization, governmental entity, business trust or another trust, estate, partnership, joint venture, association, or any other legal entity.