In this chapter, "carrier" means:

1. (1) an insurance company that is authorized by the department to provide under this code any of the types of insurance coverages, benefits, or services provided for in this chapter, and that:

   1. (A) has an adequate surplus;
   2. (B) has a successful operating history; and
   3. (C) has had successful experience, as determined by the department, in providing and servicing any of the types of group coverage provided for in this chapter;

2. (2) a corporation operating under Chapter 842 that provides any of the types of coverage, benefits, or services provided for in this chapter and that:

   1. (A) has a successful operating history; and
   2. (B) has had successful experience, as determined by the department, in providing and servicing any of the types of group coverage provided for in this chapter; or
3. (3) any combination of carriers described by Subdivisions (1) and (2) on terms the system prescribes.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 3, eff. June 1, 2003.