Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 5 - PROPERTY AND CASUALTY INSURANCE › Subchapter E - TEXAS WINDSTORM INSURANCE ASSOCIATION › Division 3 - LOSS FUNDING, INCLUDING CATASTROPHE RESERVE TRUST FUND, FINANCING ARRANGEMENTS, AND PUBLIC SECURITIES › Section 5.4172 - Premium Surcharge Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words and terms when used in §§
											5.4171,
						5.4173,
						5.4181,
						5.4182,
						and
						5.4184
						-
						5.4192
						of this division (relating to Premium Surcharge Requirements, Determination of
						the Contingent Surcharge Percentage, Premiums to be Surcharged, Method for
						Determining the Premium Surcharge, Application of Premium Surcharges, Mandatory
						Premium Surcharge Collection, Remittance of Contingent Surcharges, Offsets,
						Association Surcharges not Subject to Commissions or Premium Taxes; Contingent
						Surcharges not Subject to Commissions, Notification Requirements, Annual
						Premium Surcharge Report, Premium Surcharge Reconciliation Report, and Data
						Collection, respectively) will have the following meanings unless the context
						clearly indicates otherwise:
(1)
					 Affiliated insurer--An insurer that is an affiliate, as described by Insurance
					 Code §
											823.003,
					 of an insurer authorized to engage in the business of property or casualty
					 insurance in the State of Texas. Affiliated insurer includes an insurer not
					 authorized to engage in the business of property or casualty insurance in the
					 State of Texas.
(2) Affiliated
					 surplus lines insurer--An eligible surplus lines insurer that is an affiliate,
					 as described by Insurance Code §
											823.003,
					 of an insurer authorized to engage in the business of property or casualty
					 insurance in the State of Texas.
(3) Association-insured property--Immovable
					 property at a fixed location in a catastrophe area or corporeal movable
					 property located in that immovable property covered under an insurance policy
					 issued by the association.
(4)
					 Contingent surcharge percentage--The percentage amount set by the commissioner
					 under §
											5.4173(c)
					 of this division.
(5) Exposure--The
					 basic unit of risk that is used by an insurer to determine the insured's
					 premium.
(6) Insurer--Each property
					 and casualty insurer authorized to engage in the business of property or
					 casualty insurance in the State of Texas and an affiliate of the insurer, as
					 described by Insurance Code §
											823.003,
					 including an affiliate that is not authorized to engage in the business of
					 property or casualty insurance in the State of Texas, the association, and the
					 Texas FAIR Plan Association. The term specifically includes a county mutual
					 insurance company, a Lloyd's plan, and a reciprocal or interinsurance
					 exchange.
(7) Residential property
					 insurance--Insurance against loss to real or tangible personal property at a
					 fixed location, including through a homeowners insurance policy, a tenants
					 insurance policy, a condominium owners insurance policy, or a residential fire
					 and allied lines insurance policy.