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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

A FREE 12-page special report from Captive.com

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance explores the challenges presented by today's business and economic upheaval, as well as the hardening insurance market, and what it means for the captive insurance industry.

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Texas Governor Signs Captive Risk Pooling Legislation

Texas Sign Rocks
June 19, 2015

The Texas Governor Greg Abbott has approved legislation (S.B. 667) designed to encourage smaller companies to create or re-domesticate captives in Texas. The legislation permits Texas captives to

  1. pool risk with other captives subject to approval by the Texas Department of Insurance and
  2. take credit for reinsurance for risk ceded to a captive reinsurance pool composed only of other captive insurance companies holding a certificate of authority under Texas law or a similar law of another jurisdiction; or an affiliated captive insurance company holding a certificate of authority under Texas law or a similar law of another jurisdiction.

The legislation also clarifies the requirements for dividends to be paid to owners of captive insurers.

"We're pleased with the outcome," said Josh Magden, board president for the Texas Captive Insurance Association (TxCIA). "There was a tremendous amount of work done in a very compressed time frame. TxCIA benefited tremendously from association member and industry support, and we intend to engage new participants in Texas industry as this law expands the scope of what captives can achieve when domiciled in Texas."

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