Texas Insurance Code - INS § 964.104. Attorney in Fact Requirements

(1) be:

(2) on the date of the captive exchange's formation, have and maintain a power of attorney with all subscribers of the captive exchange;

(3) have its principal office in this state;  and

(4) have at least three members in the governing body of the attorney in fact, and at least one of those members must be a resident of this state.