Texas Insurance Code 964.104 – Attorney in Fact Requirements
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Terms Used In Texas Insurance Code 964.104
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
The attorney in fact of a captive exchange must:
(1) be:
(A) a corporation organized in this state; or
(B) a limited liability company organized in this state;
(2) on the date of the captive exchange’s formation, have and maintain a power of attorney with all subscribers of the captive exchange;
(3) have its principal office in this state; and
(4) have at least three members in the governing body of the attorney in fact, and at least one of those members must be a resident of this state.