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 regulation 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
Central Bank of Malaysia calls for more captive data
21 August 2017 | Kuala Lumpur | Reporter: Mark Dugdale
The paucity of data on captives needs to be addressed as a matter of priority, according to Muhammad bin Ibrahim
Coverage for pre-existing conditions tops healthcare reform concerns
02 August 2017 | Ohio | Reporter: Becky Butcher
Retaining insurance coverage for pre-existing conditions is the most vital feature of successful long-term healthcare reform, according to a survey by KeyBank
OECD releases additional guidance on CbC reporting
21 July 2017 | Brussels | Reporter: Becky Butcher
The Organisation for Economic Co-operation and Development (OECD) has provided further guidance on the implementation of country-by-country (CbC) reporting under its framework on base erosion and profit shifting (BEPS) initiative
UK government sets out new ILS framework
21 July 2017 | London | Reporter: Becky Butcher
The UK Treasury has published new rules for insurance-linked securities (ILS) as the country aims to grab a share of the rapidly growing market
US agrees to sign US-EU covered agreement
18 July 2017 | Washington DC | Reporter: Becky Butcher
The US Department of the Treasury and the Office of the US Trade Representative have revealed their intent to sign the bilateral agreement between the US and EU regarding insurance and reinsurance
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
Texas governor signs off captive bill updates
19 June 2017 | Austin | Reporter: Becky Butcher
Texas governor Greg Abbott has signed the state’s new captive bill into law