Texas Insurance Code 964.057 – Application for Certificate of Authority
(a) After forming a captive insurance company, other than a captive exchange, or an attorney in fact, the incorporators or organizers must pay to the commissioner an application fee and file with the commissioner an application for a certificate of authority for a captive insurance company, which must include:
(1) a financial statement certified by two principal officers;
(2) a plan of operation and projections, which must include an actuarial report prepared by a qualified independent actuary;
(3) the captive insurance company’s certificate of formation or other documentation demonstrating the valid formation of the captive insurance company, other than a captive exchange, or the attorney in fact;
(4) an affidavit by the incorporators, organizers, or officers of the captive insurance company stating that:
(A) the capital and surplus, or the equivalent, are the bona fide property of the company; and
(B) the certificate of formation or other documentation demonstrating the captive insurance company’s or attorney in fact’s valid formation is true and correct; and
(5) if the application provides for the issuance of shares of stock or other type of equity instrument without par value, a certificate authenticated by the incorporators or officers stating:
(A) the number of shares or other type of equity instrument without par value that are subscribed; and
(B) the actual consideration received by the captive insurance company for those shares or other type of equity instrument.
(b) If the commissioner is not satisfied with the affidavit filed under Subsection (a)(4), the commissioner may require that the incorporators, organizers, or officers provide at their expense additional evidence as described by Subsection (a) before the commissioner takes action on the application.
Terms Used In Texas Insurance Code 964.057
- Affidavit: means a statement in writing of a fact or facts signed by the party making it, sworn to before an officer authorized to administer oaths, and officially certified to by the officer under his seal of office. See Texas Government Code 312.011
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Property: means real and personal property. See Texas Government Code 311.005
- Rule: includes regulation. See Texas Government Code 311.005
(c) The application fee required under this section is $1,500 or a greater amount set by the commissioner by rule as necessary to recover the cost of administering this section.
(e) Fees collected under this section shall be deposited to the credit of the Texas Department of Insurance operating account.