Austin
19 June 2017
Reporter: Becky Butcher
Texas governor signs off captive bill updates
Texas governor Greg Abbott has signed the state’s new captive bill into law.

A Texas captive insurance company can now be formed as a reciprocal insurance exchange, and take credit for reinsurance ceded to a non-affiliated reinsurer when specific requirements are met.

Captives are also able to insure life insurance benefits for employee benefits subject to the Employee Retirement Income Security Act, and hold capital and surplus in the form of Texas county or municipal bonds.

In addition, the new captive bill authorises the insurance commissioner to waive the requirement to provide an actuarial report with the captive’s annual filing if certain conditions met, and eliminates the requirement that the captive must have a licensed claims adjuster if the claims are limited to first-party claims of the parent and/or affiliates of the captive.

The Texas Captive Insurance Association worked closely with the legislature, the Texas Department of Insurance and other parties to update the state’s captive legislation for the second time since 2013.

More news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
AF Group snaps up Eric Halter
28 June 2017 | Lansing, Michigan | Reporter: Becky Butcher
Accident Fund Group has appointed Eric Halter as director of AF Specialty, a new brand focused on providing front capacity to insurance carriers, managing reinsurance intermediaries and captive managers
UK to implement ILS regime this autumn
27 June 2017 | London | Reporter: Becky Butcher
London’s insurance-linked securities regulation is now being finalised by the UK Government ready for implementation this autumn, according to a letter sent from HM Treasury to the London Market Group’s Nicolas Aubert
Arch Reinsurance Company recruits François Dagneau to lead in Canada
26 June 2017 | Toronto | Reporter: Mark Dugdale
Arch Reinsurance Company has hired Aon Benfield's François Dagneau as its new Canadian operations CEO
GEB appoints executive management trio
23 June 2017 | Brussels | Reporter: Becky Butcher
Generali Employee Benefits (GEB) has welcomed Eric Butler, Roland Raad and Thierry Mestach to its international management team
R&Q sells Lloyds managing agency to Coverys
23 June 2017 | London | Reporter: Becky Butcher
R&Q Investment Holdings has reached an agreement to sell the entire share capital of its Lloyd’s managing agency, R&Q managing agency, to Coverys, a provider of medical professional liability insurance based in Boston
Captives dominate the BVI insurance sector
23 June 2017 | Road Town, British Virgin Islands | Reporter: Becky Butcher
Captives in the British Virgin Island’s insurance sector continue to dominate the market, in terms of the number of firms, as well as revenues generated, according to a new BVI Global Contribution report
FCC Services captive reports ‘financially solid’ 2016 results
22 June 2017 | Colorado | Reporter: Becky Butcher
The Farm Credit System Captive Insurance Company, the captive insurer of FCC Services, has reported a net income of $10.3 million in 2016, an increase of 7.8 percent compared to the previous year