The Texas Department of Insurance (“TDI”) has amended its administrative rules governing Texas captive insurance companies. Specifically, TDI has revised various provisions in Volume 28, Chapter 6 of the Texas Administrative Code, primarily to comport with prior legislative changes in 2017 that impact the formation and oversight of captive insurance companies in Texas. Among other provisions, TDI’s new rules (i) adopt a revised form of the Texas Captive Annual Report, (ii) facilitate formation of captive insurance exchanges, (iii) facilitate formation of a captive insurance business entity by the Texas Secretary of State prior to receiving licensing approval from TDI, and (iv) establish notice and approval procedures for a captive insurance company’s payment of dividends and distributions. A copy of the revised rules can be found here.
The post New Captive Insurance Rules Adopted in Texas appeared first on Insurance & Reinsurance.
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