Texas Insurance Code 2201.051 – General Qualifications of Risk Retention Group
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Terms Used In Texas Insurance Code 2201.051
- 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.
A risk retention group must be a corporation or other limited liability association that:
(1) is organized primarily to assume and spread, and engages primarily in assuming and spreading, all or any portion of the liability exposure of the group’s members; and
(2) otherwise meets the qualifications of this subchapter.