28 Tex. Admin. Code § 6.301 - Ongoing Requirements
A captive insurance company must comply with Insurance Code Chapter 964, the Business Organizations Code, and this chapter, including:
(1) providing biographical
information as required under §
6.303 of this title (relating to
Captive Insurance Company Biographical Information);
(2) writing an annual premium amount of at
least $100,000;
(3) having an
affiliate or ultimate controlling person with the financial wherewithal to
continue placing the risk in the captive insurance company;
(4) complying with §
6.306 and §
7.1403 of this title (relating to
Books and Records and Service on Domestic Insurance Companies Licensed by the
State Board of Insurance and on Related Entities Authorized To Conduct Business
in Texas);
(5) submitting annual
reports and audited financial statements as described in §§
6.401,
6.403, and
6.404 of this title (relating to
Annual Report, Audited Financial Statements, and Captive Insurance Companies
Using Other Than Calendar Year Fiscal Years);
(6) notifying the department of any material
change in the captive insurance company's plan of operation, as described in §
6.304 of this title (relating to
Material Change in the Plan of Operations);
(7) maintaining minimum capital and surplus
as established by the department;
(8) except as provided in paragraph (6) of
this section, notifying the department of any change to the information
provided in the application within 30 days following the change; and
(9) timely payment of all required fees and
registrations, including payments required by the Texas Secretary of State to
maintain the captive insurance company in good standing.
Notes
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