Texas Insurance Code 547.001 – Definitions
Current as of: 2024 | Check for updates
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Terms Used In Texas Insurance Code 547.001
- 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) “Alien or foreign insurer” means an insurance company organized under the laws of:
(A) a country other than the United States; or
(B) a state of the United States other than this state.
(2) “Resident” includes a domestic, alien, or foreign:
(A) corporation;
(B) partnership; or
(C) person.