Texas Insurance Code

§ 228.102 — QUALIFICATION

IN § 228.102Title 3. DEPARTMENT FUNDS, FEES, SURCHARGES, AND TAXES · Part B. INSURANCE PREMIUM TAXES · Ch. 228. PREMIUM TAX CREDIT FOR CERTAIN INVESTMENTS · Art. C. APPLICATION FOR AND GENERAL OPERATION OF CERTIFIED CAPITAL COMPANIES

Statute text

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To qualify as a certified capital company:

(1)the applicant must have, at the time of application for certification, an equity capitalization of at least $500,000 in unencumbered cash or cash equivalents;

(2)at least two principals or persons employed to manage the funds of the applicant must have at least four years of experience in the venture capital industry; and

(3)the applicant must satisfy any additional requirement imposed by the comptroller by rule.

Legislative history

Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.