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(a)Words and terms defined in Insurance Code Chapter 4001 shall have the same meaning when used in this subchapter. (b)The following words and terms, when used in this subchapter, have the following meanings, unless the context clearly indicates otherwise. (1)Commission--Any amount received by a public insurance adjuster for service provided under Insurance Code Chapter 4102, consisting of an hourly fee, a flat rate, a percentage of the total amount paid by the insurer to resolve a claim, or another method of compensation, including expenses, direct costs, or any other costs accrued by the public insurance adjuster, not to exceed 10 percent of the amount of the insurance settlement on the claim. (2)Corporation--A legal entity that is organized under the business corporations laws or limited liability company laws of this state, another state, or a territory of the United States. The licensing and regulation of a limited liability company is subject to all provisions of this subchapter that apply to a corporation licensed under this subchapter. (3)Partnership--An association of two or more persons organized under the partnership laws or limited liability partnership laws of this state, another state, or a territory of the United States. The term includes a general partnership, limited partnership, limited liability partnership, and limited liability limited partnership. (4)Public Insurance Adjuster--A person licensed under Insurance Code Chapter 4102 or §19.704 of this subchapter (relating to Public Insurance Adjuster Licensing). A licensed public insurance adjuster may be otherwise referred to as a "license holder" or "licensee" in this subchapter.
This agency hereby certifies that the adoption
has been reviewed by legal counsel and found to be a valid exercise
of the agency's legal authority.
Filed with the Office
of the Secretary of State on October 10, 2013
TRD-201304506 Sara Waitt
General Counsel
Texas Department of Insurance
Effective date: January 1, 2014
Proposal publication date:
April 19, 2013
For further information, please call: (512) 463-6327
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