Texas Insurance Code 1111A.019 – Mandatory Reporting of Fraudulent Life Settlement Acts
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Terms Used In Texas Insurance Code 1111A.019
- 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
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
A person engaged in the business of life settlements has a duty under Section 701.051 to report a fraudulent life settlement act.