Governor Abbott Signs Updates to Captives Insurance Statute
Austin, TX - On June 15, 2017 Governor Greg Abbott signed House Bill 1944, which makes important changes to the Texas Captive Insurance law (Chapter 964, Texas Insurance Code). HB 1944 was authored by Jim Murphy (R, Houston) and sponsored in the Senate by Bryan Hughes (R, Mineola). This is the second consecutive session that the Texas Legislature has made improvements to the captive statute since its enactment in 2013. Click Here to Read More about the changes coming into effect September 1, 2017.
TxCIA's Bills SB915 and HB1944 filed in 85th Texas Legislature
On February 15, 2017, Senate Bill 915 and House Bill 1944 were filed by Senator Hughes and Representative Murphy, respectively. These bills will make several changes to align regulatory oversight with captive regulation in other states to make it easier to form captives in Texas. Click here to read more about TxCIA's legislative efforts during the 2017 legislative session.
Governor Abbott Signs Captive Legislation
On June 15th 2015, Governor Greg Abbott signed Senate Bill 667 into law, enabling captives to pool risk and gain credit for reinsurance to both an affiliate and to another risk pool. This new law expands upon the original captive legislation passed in 2013. Read the full press release here.
Captive Review Reports on Legislative Action
This spring, Captive Review interviewed TxCIA Board President, Josh Magden, about the current legislative action in Texas that proposes to further enhance the captive statute passed during the 2013 Legislative Session. The article provides an insight to the increasing numbers of domiciles and the action that legislators are taking to enhance their statutes and regulatory oversight. Read the full article here.
Texas Named as Nominee for ‘Domicile of the Year’ Award
The Texas Captive Insurance Association (TxCIA) is pleased to announce that Texas was short-listed in the “US Domicile of the Year” award category for the annual U.S. Captive Service Awards. These awards are hosted by Captive Review magazine and the award ceremony will be taking place in early October at the 2014 US Captive Services Award event in Chicago. Read the full press release here.
Welcome To The Texas Captive Insurance Association
With its abundance of Fortune 500 companies, a booming economy fueled by oil and gas, and a friendly business climate, Texas promises vibrant growth potential for the captive insurance market. The Texas Captive Insurance Association (TxCIA) has hit the ground running, working with regulators to implement rules, providing continuing education programs and educating business leaders and public officials about the opportunities that abound. You won’t want to miss this tremendous educational and networking opportunity, so plan to be in Austin this February.
In the 83rd Session (2013) the Texas Legislature passed and Governor Perry signed Senate Bill 734 which allows Captive Insurance Companies to be domiciled in the state for the first time.