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Member, Beacon International Group, Ltd.
Texas Gov. Greg Abbott has signed legislation that will allow captive insurers to accept and cede risks to captive reinsurance pools or to an affiliated captive.
S.B. 667, signed into law Monday, also will allow a captive to pay dividends to those holding an equity interest in the company-owned insurer, with regulatory approval.
Earlier this month, Gov. Abbott also signed legislation, H.B. 2557, that will allow Texas county hospital districts to set up captives in the state individually or with other hospital districts.
Texas is one of the newest U.S. captive domiciles, with lawmakers passing legislation in 2013 authorizing the formation of captives. Currently, Texas has 15 captives.
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.