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Texas lawmakers have given final approval to legislation that would allow captives to accept and cede risks to captive reinsurance pools or to an affiliated captive.
The measure, S.B. 667, approved Thursday, also would allow a captive to pay dividends to those holding an equity interest in the company-owned insurer, with regulatory approval.
Earlier in the week, state lawmakers also approved a measure, H.B. 2557, that will allow Texas county hospital districts to set up captives in the state individually or with other hospital districts.
Texas Gov. Greg Abbott is expected to sign both measures.
Texas is one of the newest captive domiciles, with lawmakers passing legislation in 2013 authorizing the formation of captives. Currently, Texas has 15 captives, including one owned by petroleum giant Phillips 66 Co. in Houston.
A growing number of midsize companies are forming captives, providing vigorous growth for the captive market.