In 2017, the Texas legislature enacted a number of changes to the regulation of captive insurers. In September 2018, the Texas Department of Insurance proposed one new regulation and amendments to several other regulations in order to implement those changes. These amendments were adopted on December 7, 2018. Among other things, these amendments:
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include new or revised definitions;
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implement procedural changes regarding the creation of captive insurance companies by the Secretary of State;
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eliminated references to certificates of general good;
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add provisions regarding attorneys in fact who manage operations of captive exchanges;
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adopt by reference a revised Texas Captive Annual Report;
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establish procedures for requesting approval of dividends and distributions; and
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establish requirements for determining acceptable qualified jurisdictions and acceptable national and international rating agencies.
2018 Texas Regulation Text 504443 (NS)
