Texas § I1.1 - DEFINITIONS

§ I1.1. DEFINITIONS

DEFINITIONS. In this article: (1) "Association" means the Texas Nonprofit Organization Liability Insurance Underwriting Association. (2) "Board" means the State Board of Insurance. (3) "Board of directors" means the board of directors of the association. (4) "Fund" means the policyholder stabilization reserve fund. (5) "Net direct premiums" means gross direct premiums written on automobile liability and liability other than automobile insurance written under this code, less the total of the policyholder dividends, return premiums for the unused or unabsorbed portion of premium deposits, and return premiums on canceled contracts written on those liability risks. (6) "Nonprofit organization" means an organization that is listed under Section 501(c)(3) or (4), Internal Revenue Code of 1986. (7) "Nonprofit organization liability insurance" means primary insurance coverage against the legal liability of the insured organization and its officers and employees acting on behalf of the organization and against any loss, damage, or expense incident to a claim arising out of the acts of the insured organization or its officers and employees acting on behalf of the organization.