| (a) The captive management company must notify the
department of changes to the information required for registration
not later than 30 days after the change.
(b) A captive management company may not operate without
a designated responsible party except as provided in this subsection.
If a designated responsible party leaves a captive management company,
the captive management company must notify the department of a replacement
designated party and provide all information required under §6.103
of this title (relating to Designated Responsible Party) within the
30-day period specified in subsection (a) of this section.
(c) The captive management company's registration will
expire if the captive management company does not provide administrative
services to at least one Texas domestic captive insurance company
for a period of more than 180 days.
(d) If a captive management company's registration
expires, the captive management company must submit a new registration
to the department, which the commissioner must approve in writing
before the entity can act as a captive management company. The captive
management company may submit a written request for the commissioner
to waive any portion of the registration requirement under this section.
At the commissioner's sole discretion, the commissioner may grant
the waiver in writing if the commissioner determines that the requirement
or information is not applicable or provides no additional value in
reviewing the registration submission.
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