| (a) A captive insurance company through its governing
body may retain one or more captive management companies registered
under this chapter to provide administrative services and implement
the governing body's policies.
(b) With the written consent of the captive insurance
company, a captive management company may contract with another captive
management company to provide administrative services.
(c) The captive insurance company retains ultimate
accountability and responsibility for compliance with all statutory
and regulatory requirements. The captive insurance company may not
enter into an agreement with a captive management company or other
person that in any way limits, or may be construed to limit, the captive
insurance company's ultimate accountability and responsibility for
compliance with all statutory and regulatory requirements.
(d) Subsection (c) of this section does not limit the
captive management company's obligations under any contract or the
captive management company's duty to comply with all statutory and
regulatory requirements.
(e) If an administrative service requires a license
or certificate of authority under the Insurance Code or other law,
a captive management company must have the required license or certificate
of authority to provide the service.
|
