Texas Insurance Code 548.002 – Definitions
Terms Used In Texas Insurance Code 548.002
- 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
In this chapter:
(1) “Domestic stock insurer” includes a domestic title insurance company regulated by Title 11 and a stipulated premium company regulated by Chapter 884.
(2) “Equity security” means:
(A) a stock or similar security;
(B) a security that:
(i) is convertible, with or without consideration, into an equity security; or
(ii) carries a warrant or right to subscribe to or purchase an equity security;
(C) a warrant or right to subscribe to or purchase an equity security; or
(D) any other security defined as an equity security in accordance with § 548.004(a)(1).
(3) “Federal Securities Exchange Act” means the Securities Exchange Act of 1934 (15 U.S.C. § 77b et seq.), as amended.
(4) “Officer” means:
(A) a president, vice president, treasurer, actuary, secretary, or controller of a domestic stock insurer; or
(B) any other person who performs for a domestic stock insurer the functions of an officer described by Paragraph (A).
(5) “Person” means an individual, corporation, partnership, association, joint-stock company, business trust, or unincorporated organization.