Texas Insurance Code

§ 964.057 — APPLICATION FOR CERTIFICATE OF AUTHORITY

IN § 964.057Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part H. OTHER ENTITIES · Ch. 964. CAPTIVE INSURANCE COMPANIES · Art. B. CAPTIVE INSURANCE COMPANIES

Statute text

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(a)After forming a captive insurance company, other than a captive exchange, or an attorney in fact, the incorporators or organizers must pay to the commissioner an application fee and file with the commissioner an application for a certificate of authority for a captive insurance company, which must include:

(1)a financial statement certified by two principal officers;

(2)a plan of operation and projections, which must include an actuarial report prepared by a qualified independent actuary;

(3)the captive insurance company's certificate of formation or other documentation demonstrating the valid formation of the captive insurance company, other than a captive exchange, or the attorney in fact;

(4)an affidavit by the incorporators, organizers, or officers of the captive insurance company stating that:

(A)the capital and surplus, or the equivalent, are the bona fide property of the company; and

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Legislative history

Acts 2017, 85th Leg., R.S., Ch. 1050 (H.B. 1944), Sec. 1.07, eff. June 15, 2017.