20 March 2014
The Texas Captive Insurance Association (TxCIA) has licensed its first captive insurance company. CART Assurance Company, has successfully re-domiciled from Arizona to Texas and, as a result, is the first company to receive a Certificate of Authority to operate as a captive insurance company in Texas.
CART president, Irving Pozmantier, commented: “We have a high degree of confidence in the ability of the Texas captive regulators to provide an appropriate balance of regulation with assistance in establishing captive insurance companies with solid business purposes and sensible business plans. From our first meeting with the department’s captive team, they have extended full cooperation, thoughtful suggestions and flexible regulation.”
Texas state law was amended in 2013 in order to give it the ability to license captives to insure the risks of parent companies and affiliates, as well as controlled unaffiliated businesses. This also includes the redomestication of captives from other states. A number of companies have taken this option since the law was amended, with several more applications currently nearing approval at the TxCIA.
