Texas Insurance Code 964.072 – Approval of Captive Reinsurance Pools
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Terms Used In Texas Insurance Code 964.072
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Before determining whether to approve a captive insurance company’s participation in a captive reinsurance pool under Section 964.052, the commissioner may:
(1) require the captive insurance company provide to the commissioner evidence that the captive reinsurance pool:
(A) is composed only of other captive insurance companies holding a certificate of authority under this chapter or a similar law of another jurisdiction; and
(B) will be able to meet the pool’s financial obligations; and
(2) impose any other limitation or requirement on the captive insurance company that is necessary and proper to provide adequate security for the captive insurance company.