The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise. (1) Agent--Any person licensed by the Commissioner as a general lines property and casualty agent pursuant to Insurance Code Article 21.14. sec. 2. (2) Applicant--Any person applying for insurance from the Association including any person designated by the applicant to be the applicant's representative at an inspection. (3) Association--The Fair Access to Insurance Requirements (FAIR) Plan Association created under Insurance Code Article 21.49A. (4) Commissioner--The Commissioner of Insurance of the State of Texas. (5) Governing Committee--The Governing Committee of the Association authorized pursuant to Insurance Code Article 21.49A, sec. 3. (6) Inspector--The individual(s) or organization(s) designated by the Association to make inspections to determine the condition of the properties for which residential property insurance is sought and to perform such other duties as may be authorized by the Association or the Commissioner. (7) Insurable risk--Property that meets the underwriting rules of the Association for determining the insurability of the risk. (8) Member insurer or member--An insurer licensed to write property and casualty insurance in Texas and writing residential property insurance in Texas, including reciprocal exchanges and Lloyds plan insurers. (9) Residential property insurance--Coverage as defined in Insurance Code Article 21.49A §2(3), with the exception of farm and ranch owners and farm and ranch insurance as set forth in Insurance Code Article 5.13-2 sec. 1. (10) Residential property insurance premiums--Net direct written premiums for residential property insurance for a calendar year as determined by the Texas residential property statistical plan. (11) Underserved area--The areas of the State of Texas so designated by the Commissioner in §5.3701 of this chapter (relating to Designation of Underserved Areas for Residential Property Insurance for Purposes of the Insurance Code Article 21.49A). (12) Underwriting rules--The underwriting rules for residential property insurance as developed by the Association and which have been filed with and approved by the Commissioner. |
