The following words and terms, when used in this chapter, shall have the following meanings, unless the context clearly indicates otherwise. (1) Affiliated--When any person is connected by commonality of interest or ownership with another person. (2) Agent--An individual licensed by the Texas Department of Insurance pursuant to Insurance Code, Article 21.07 (licensing of agents), Article 21.14 (local recording agents), Article 21.07-3 (managing general agents), and Article 1.14-2 (surplus lines agents). (3) Annual percentage rate--That rate computed in accordance with the regulations issued by the Federal Reserve Board of the United States pursuant to §1606 of the Consumer Credit Protection Act, 15 United States Code §1601, et seq. (4) Department--The Texas Department of Insurance. (5) Insurer--A company or other entity formally liable on an insurance risk.
(6) Licensee--A person holding an insurance premium finance license. (7) Ownership in a corporation--The possession of 10% or more stock in a corporation. (8) Person--An individual, partnership, corporation, joint venture, trust, association, or any other legal entity, however organized. (9) Premium finance company--An insurance premium finance company as defined by the Insurance Code, Article 24.01.
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