Bill Text: TX HB1187 | 2017-2018 | 85th Legislature | Enrolled
Bill Title: Relating to the authority of a captive insurance company to provide reinsurance.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2017-05-29 - Effective on 9/1/17 [HB1187 Detail]
Download: Texas-2017-HB1187-Enrolled.html
H.B. No. 1187 |
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relating to the authority of a captive insurance company to provide | ||
reinsurance. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 964.052(a), Insurance Code, is amended | ||
to read as follows: | ||
(a) A captive insurance company may provide reinsurance to | ||
an insurer covering the operational risks of the captive insurance | ||
company's affiliates, or risks of a controlled unaffiliated | ||
business, that the captive insurance company may insure directly | ||
under Section 964.051 and: | ||
(1) employee benefit plans offered by affiliates; | ||
(2) liability insurance an affiliate must maintain as | ||
a prerequisite for obtaining a license or permit if the law requires | ||
maintenance of the liability insurance; [ |
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(3) credit life insurance and credit disability | ||
insurance offered as a part of, or directly relating to, the | ||
operational risks of an affiliate; and | ||
(4) workers' compensation insurance and employer | ||
liability policies issued to affiliates if the insurer that | ||
directly issues workers' compensation insurance and employer's | ||
liability policies or its licensed, if required by law, | ||
administrator or adjuster: | ||
(A) services all claims incurred during the | ||
policy period; and | ||
(B) complies with all requirements for an insurer | ||
under this code, including Chapter 462, and under Title 5, Labor | ||
Code. | ||
SECTION 2. This Act takes effect September 1, 2017. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I certify that H.B. No. 1187 was passed by the House on April | ||
26, 2017, by the following vote: Yeas 147, Nays 0, 1 present, not | ||
voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
I certify that H.B. No. 1187 was passed by the Senate on May | ||
19, 2017, by the following vote: Yeas 31, Nays 0. | ||
______________________________ | ||
Secretary of the Senate | ||
APPROVED: _____________________ | ||
Date | ||
_____________________ | ||
Governor |