Tex.
Ins. Code Section 964.060
Annual Report
(a)
A captive insurance company holding a certificate of authority under this chapter is not required to file a report, except as provided by this section, Chapter 223A (Captive Insurance Premium Tax), and Subtitle C, Title 3.(b)
A captive insurance company that holds a certificate of authority to engage in captive insurance business in this state shall file with the commissioner:(1)
on or before March 1 of each year, a statement of the company’s financial condition, verified by two of its executive officers and filed in a format prescribed by the commissioner; and(2)
on or before June 1 of each year, a report of its financial condition at last year-end with an independent certified public accountant’s opinion of the company’s financial condition.(c)
A captive insurance company may make a written application to the commissioner for filing its annual report required under this section on a fiscal year-end. If an alternative filing date is granted, the company shall file:(1)
the annual report not later than the 60th day after the date of the company’s fiscal year-end;(2)
the report of its financial condition at last year-end with an independent certified public accountant’s opinion of the company’s financial condition not later than the 150th day after the date the annual report is due; and(3)
its balance sheet, income statement, and statement of cash flows, verified by two of its executive officers, before March 1 of each year to provide sufficient detail to support a premium tax return.(d)
The commissioner may waive the requirement for a captive insurance company to file an actuarial report with the company’s annual report if the commissioner determines that the company:(1)
has less than $1 million of net written premium or reinsurance assumed; or(2)
has been in operation for less than six months as of the end of the previous calendar year.
Source:
Section 964.060 — Annual Report, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.964.htm#964.060 (accessed Apr. 20, 2024).
