Today, the Texas House Insurance Committee approved legislation making significant improvements in the Texas Captive Insurance Law. The new amended bill, H.B. No. 1944, provides for:
Credit for reinsurance ceded to non-affiliated and non-admitted reinsurers which meet the standards of the bill.
The writing of life insurance when part of an employee benefit plan under ERISA.
The formation and re-domestication of captives formed as reciprocal exchanges.
The waiver of actuarial reports under qualifying conditions
The formation of captive insurer entities at the Secretary of State prior to applying for a Certificate of Authority.
Clarification of existing provisions of the law regarding the use of adjusters and investments.
For updated information on H.B. No 1944, contact Burnie Burner at 512.480.5100 or firstname.lastname@example.org.