Texas Insurance Code

§ 964.055 — CERTIFICATE OF AUTHORITY REQUIRED

IN § 964.055Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part H. OTHER ENTITIES · Ch. 964. CAPTIVE INSURANCE COMPANIES · Art. B. CAPTIVE INSURANCE COMPANIES

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(a)An entity may not engage in business as a captive insurance company domiciled in this state unless it holds a certificate of authority issued by the department to act as a captive insurance company. A captive insurance company, when permitted by its certificate of formation or governing document, may apply for a certificate of authority under this chapter.

(b)An entity does not qualify for a certificate of authority under this chapter unless:

(1)its affiliates have significant operations in this state, as determined by the commissioner;

(2)its board of directors or governing body holds at least one meeting each year in this state;

(3)it maintains its principal office and books and records in this state, unless the commissioner grants an application to relocate the entity's books and records under Chapter 803; and

(4)it complies with Section 804.101 or 804.102. Added by Acts 2013, 83rd Leg., R.S., Ch. 569 (S.B. 734), Sec. 2, eff. June 14, 2013. Amended by:

Legislative history

Acts 2017, 85th Leg., R.S., Ch. 1050 (H.B. 1944), Sec. 1.05, eff. June 15, 2017.