Texas Insurance Code

§ 964.105 — ATTORNEY IN FACT POWERS AND DUTIES

IN § 964.105Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part H. OTHER ENTITIES · Ch. 964. CAPTIVE INSURANCE COMPANIES · Art. C. CAPTIVE EXCHANGES

Statute text

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(a)The attorney in fact of a captive exchange shall:

(1)supervise the finances of the captive exchange;

(2)supervise the captive exchange's operations to ensure the captive exchange's conformity with the captive exchange's subscriber declaration and power of attorney; and

(3)obtain, as necessary, an audit of the account and records of the attorney in fact at the expense of the captive exchange.

(b)The attorney in fact of a captive exchange has any additional powers and duties conferred by the captive exchange's subscriber declaration and power of attorney.

Legislative history

Added by Acts 2017, 85th Leg., R.S., Ch. 1050 (H.B. 1944), Sec. 2.01, eff. June 15, 2017.