SECTION 5.4301. Definitions

The following terms, when used in connection with this division and Insurance Code Chapter 2210, Subchapter O, mean the following:

(1) Association--The Texas Windstorm Insurance Association.

(2) Assumption reinsurance agreement--A written agreement between the association and an insurer under which the association's legal and contractual obligations for certain association policies are transferred to the insurer by novation, as further evidenced by an assumption certificate issued to affected insureds.

(3) Department--Texas Department of Insurance.

(4) Generally comparable coverage--Coverage described in §5.4303 of this title.

(5) Electronic information repository--Association policyholder information database described in §5.4305 of this title.

(6) Insurer--An insurer authorized to engage in the business of insurance in Texas and to write property insurance. This does not include an eligible surplus lines insurer.

(7) Limited service agreement--An agreement described in §5.4304 of this title.

(8) Transfer--The shifting of an association policyholder's windstorm and hail insurance coverage from the association to an insurer who has identified the association policyholder using the electronic information repository.

Source Note: The provisions of this §5.4301 adopted to be effective December 22, 2015, 40 TexReg 9296