March 26, 2014
The Texas Captive Insurance Association (TXCIA) recently announced the licensing of the first Texas captive insurance company. Mitchell Williams attorney Burnie Burner who also serves as Counsel to the association, reports that a founding member of TXCIA, CART Assurance Company, Inc. has successfully re-domiciled from Arizona to Texas and is the first company to receive a Certificate of Authority to operate as a captive insurance company in Texas. Company President, Irving Pozmantier was pleased with the successful application because among the company's goals were " promoting Texas as a captive domicile and encouraging other captives to locate in Texas". Mr. Pozmantier added "We have a high degree of confidence in the ability of the Texas captive regulators to provide an appropriate balance of regulation with assistance in establishing captive insurance companies with solid business purposes and sensible business plans. From our first meeting with the Department's captive team, they have extended full cooperation, thoughtful suggestions and flexible regulation."