Section 493.001 - Definitions In this chapter:
(1) "Assuming insurer" means an insurer that, under a reinsurance contract, incurs an obligation to a ceding insurer, the performance of which is contingent on the ceding insurer incurring liability or loss under the ceding insurer's insurance contract with a third person.(2) "Qualified United States financial institution" means an institution that: (A) is organized or, in the case of a United States branch or agency office of a foreign banking organization, licensed, under the laws of the United States or any state of the United States; and(B) is regulated, supervised, and examined by a federal or state authority that has regulatory authority over banks and trust companies.Subchapter heading amended by Acts 2017, Texas Acts of the 85th Leg. - Regular Session, ch. 594,Sec. 2.01, eff. 9/1/2017.Added by Acts 2005, 79th Leg., Ch. 727, Sec. 1, eff. 4/1/2007.