Texas Insurance Code
§ 964.001 — DEFINITIONS
IN § 964.001Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part H. OTHER ENTITIES · Ch. 964. CAPTIVE INSURANCE COMPANIES · Art. A. GENERAL PROVISIONS
Statute text
View on source(a)In this chapter:
(1)"Affiliated company" or "affiliate" has the meaning assigned by Section 823.003 and includes a parent entity that controls a captive insurance company. (1-a) "Attorney in fact" means a firm or corporation that, under a power of attorney or other appropriate authorization of the attorney in fact, acts for subscribers of a captive exchange by issuing reciprocal or interinsurance contracts. (1-b) "Captive exchange" means a reciprocal or interinsurance exchange formed under this chapter. The term includes the attorney in fact through which a reciprocal or interinsurance contract, as defined by Section 942.001, is exchanged.
(2)"Captive insurance company" means a company that holds a certificate of authority under this chapter to insure the operational risks of the company's affiliates or risks of a controlled unaffiliated business. The term includes a captive exchange.
(3)"Captive management company" means an entity providing administrative services to a captive insurance company.
(4)"Control" means the power to direct, or cause the direction of, the management and policies of an entity, other than the power that results from an official position with or corporate office held in the entity. The power may be possessed directly or indirectly by any means, including through the ownership of voting securities or by contract, other than a commercial contract for goods or nonmanagement services.
(5)"Controlled unaffiliated business" means a person:
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Legislative history
Acts 2017, 85th Leg., R.S., Ch. 1050 (H.B. 1944), Sec. 1.01, eff. June 15, 2017.