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TITLE 28 - INSURANCE
PART 1 - TEXAS DEPARTMENT OF INSURANCE
CHAPTER 7 - CORPORATE AND FINANCIAL REGULATION
SUBCHAPTER F - REINSURANCE
SECTION/RULE §7.602 - Definitions
Chapter Review Date 06/08/2021

The following words and terms, when used in this subchapter, have the following meanings, unless the context clearly indicates otherwise.(1) Assuming insurer--An insurer as defined in Insurance Code §493.001. The term includes an insurer that assumes:(A) the insurance risk of loss of the ceding insurer under the ceding insurer's indemnity reinsurance agreement, or(B) the policy obligations of the ceding insurer under an assumption reinsurance agreement.(2) Assumption reinsurance--A reinsurance agreement under which the assuming insurer assumes in writing the direct policy obligations of the ceding insurer in substitution for the obligations of the ceding insurer.(3) Ceding insurer--The insurer that transfers an insurance risk of loss or part of an insurance risk of loss to an assuming insurer pursuant to a reinsurance agreement.(4) Commissioner--Texas Commissioner of Insurance.(5) GAAP--United States Generally Accepted Accounting Principles.(6) Indemnity reinsurance--A reinsurance agreement that transfers an insurance risk of loss between insurers for a consideration commensurate with the risk transferred and under which an assuming insurer indemnifies a ceding insurer against all or part of the insurance risk of loss that the ceding insurer may sustain under the insurance policy or policies that the ceding insurer has issued or assumed.(7) Insurer--A person legally organized in and authorized by its domiciliary jurisdiction to do the business of insurance, including those types of entities listed in Insurance Code §493.002, a title insurer operating under Insurance Code