Texas has passed a law allowing for the formation of purecaptive insurance companies within the state.
Companies doing business in the state are now authorized toself-insure, or provide reinsurance for, its own and itsaffiliate's operational risks such as employee benefit plans,liability insurance and worker's compensation insurance.
The new law allows for companies to open its own carriers in thestate, but does not permit the formation of independent captiveinsurance carriers in Texas. However, the Texas Department ofInsurance (TDI) may approve foreign captives to transfer domicilesto the state on a case-by-case basis.
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