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Texas Insurance Code - INS § 964.055. Certificate of Authority Required

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 964.055. Certificate of Authority Required - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-964-055/

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