| (a) A captive insurance company may submit a written
request to the commissioner for permission to use a fiscal year end
other than a calendar year end. The commissioner may grant the request
in writing at the commissioner's sole discretion. A captive insurance
company may not use a fiscal year other than a calendar year without
the commissioner's written authorization.
(b) As required under Insurance Code §964.060(c)(3),
to support the premium tax return due March 1 of each year, a captive
insurance company that is granted a fiscal year end date other than
December 31, must submit the asset page and the liability, capital,
and surplus page; income statement; and statement of cash flow, as
verified by two executive officers, on or before March 1 of each year
for the prior calendar year, and in the annual report format established
in the Texas Captive Annual Report adopted under §6.401 of this
title (relating to Annual Report). The executive officers verifying
the report must have submitted biographical affidavits under §6.303
of this title (relating to Captive Insurance Company Biographical
Information).
(c) Under Insurance Code §964.060(c), a captive
insurance company granted a fiscal year end date other than December
31 must:
(1) not later than the 60th day after the captive insurance
company's fiscal year end, submit to the department the captive insurance
company's annual report for the prior fiscal year using the Texas
Captive Annual Report form and instructions under §6.401 of this
title; and
(2) not later than the 150th day after the date the
annual report is due, submit to the department the captive insurance
company's audited financial statements as required under §6.403
of this title (relating to Audited Financial Statements).
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