28 Tex. Admin. Code § 6.306 - Books and Records
(a) The books and
records of a captive insurance company must be located and maintained within
the United States and its territories at all times. The books and records of a
captive insurance company must be located and maintained within the State of
Texas, unless the commissioner authorizes in writing that the books and records
may be located or maintained outside the state. A captive insurance company may
not locate or maintain records outside of the state until after the captive
insurance company receives the commissioner's written authorization, and then
may only locate or maintain those records outside of the state in the manner
and to the extent that the commissioner has authorized.
(b) The captive insurance company must
provide the department with a complete list of all of the locations where its
records are located or maintained. Record location and maintenance locations
outside of the state must comply with the commissioner's authorization
described in subsection (a) of this section.
(c) A captive insurance company must make a
written request for authorization from the commissioner to locate or maintain
records outside of the state. The written request must:
(1) identify the specific physical address
outside the State of Texas where the captive insurance company's books and
records will be located or maintained;
(2) identify the types of books and records
that will be located or maintained outside the state, including books and
records in an electronic format;
(3) if applicable, identify the vendor of a
leased or purchased software or electronic platform that will provide services
to the captive insurance company related to the maintenance of the captive
insurance company's books and records; and
(4) if applicable, include the captive
insurance company's continuity plan in the event of cancellation or termination
of the arrangement with a vendor identified by the captive insurance company
under paragraph (3) of this subsection.
(d) All books and records of a captive
insurance company must be:
(1) electronically
or physically accessible to the department on the department's request;
and
(2) maintained in a manner that
provides an audit trail between the captive insurance company's general ledger
and the captive insurance company's source documents.
(e) A captive insurance company's books and
records must be maintained with reasonable controls to ensure the integrity,
accuracy, and reliability of the storage system and to prevent the
deterioration of the books and records.
(f) A captive insurance company must ensure
that it can recover its electronic books and records up to one week before the
loss of it primary source of records.
(g) A captive insurance company must be able
to access a complete and current set of its electronic books and records or a
complete and current recovery of its electronic books and records from a
location within the state at all times.
Notes
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