A captive insurance company must comply with Insurance Code
Chapter 964, the Business Organizations Code, and this chapter, including:
(1) providing biographical information as required
under §6.303 of this title (relating to Captive Insurance Company
Biographical Information);
(2) writing an annual premium amount of at least $100,000;
(3) having an affiliate or ultimate controlling person
with the financial wherewithal to continue placing the risk in the
captive insurance company;
(4) complying with §6.306 and §7.1403 of
this title (relating to Books and Records and Service on Domestic
Insurance Companies Licensed by the State Board of Insurance and on
Related Entities Authorized To Conduct Business in Texas);
(5) submitting annual reports and audited financial
statements as described in §§6.401, 6.403, and 6.404 of
this title (relating to Annual Report, Audited Financial Statements,
and Captive Insurance Companies Using Other Than Calendar Year Fiscal
Years);
(6) notifying the department of any material change
in the captive insurance company's plan of operation, as described
in §6.304 of this title (relating to Material Change in the Plan
of Operations);
(7) maintaining minimum capital and surplus as established
by the department;
(8) except as provided in paragraph (6) of this section,
notifying the department of any change to the information provided
in the application within 30 days following the change; and
(9) timely payment of all required fees and registrations,
including payments required by the Texas Secretary of State to maintain
the captive insurance company in good standing.
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