Texas Administrative Code
Title 28 - INSURANCE
Part 1 - TEXAS DEPARTMENT OF INSURANCE
Chapter 6 - CAPTIVE INSURANCE
Subchapter B - CAPTIVE MANAGEMENT COMPANIES
Section 6.105 - Agreements to Provide Administrative Services
Universal Citation: 28 TX Admin Code § 6.105
Current through Reg. 50, No. 13; March 28, 2025
(a) An agreement with a captive management company described in § 6.104 of this title (relating to Administrative Services Contracts) must be in writing and include the following:
(1) a requirement that all parties
to the agreement must comply with the applicable requirements of the Insurance
Code and department rules, including holding the appropriate licenses or
certificates of authority;
(2) a
requirement that the captive management company must permit the commissioner or
the captive insurance company to examine at any time:
(A) the financial solvency of the captive
management company; and
(B) the
captive management company's ability to perform its responsibilities under the
written agreement;
(3) a
description of the duties or services that the captive management company is to
provide;
(4) a provision relating
to continuation of services following termination and the transfer of the books
and records of a captive insurance company from one captive management company
to another captive management company;
(5) a requirement that the books and records
of the captive insurance company:
(A) remain
the property of the captive insurance company at all times;
(B) are available to the captive insurance
company or its designee at any time while in the custody of a captive
management company; and
(C) will be
timely transferred to the captive insurance company or its designee:
(i) on request of the captive insurance
company;
(ii) at the termination or
cancellation of a written agreement entered into by a captive management
company; and
(iii) in compliance
with all applicable statutory and rule requirements;
(6) a requirement that the books
and records must be maintained as required in §
6.306 of this title (relating to
Books and Records); and
(7) a
provision that the captive management company has no automatic right to
terminate the agreement if all terms of the agreement are being met and the
captive insurance company is placed in receivership under Insurance Code
Chapter 443.
(b) Under this chapter, a written agreement includes an agreement that is prepared, signed, or stored electronically.
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