To support the signing of SB 734 into law, the Texas Captive Insurance Association (TCIA) has been formed to serve the captive insurance market in Texas.
The newly formed TCIA will be open to all interested parties that want to see a strong, vibrant captive insurance industry in the state.
Michael Mead, past chair of the Captive Insurance Companies Association, is one of the founding members of the board of directors and a senior advisor to the TCIA.
Burnie Burner, a leading insurance attorney in Texas who helped negotiate the language in the bill, said: “The state benefits from increased premium tax revenue, and jobs are created in Texas as opposed to other states.”
“As with any new law there is a lot of work to do including rulemaking at the Texas Department of Insurance, and the [TCIA] will be a strong advocate for the industry as the state moves forward in implementing the law.”
Governor Rick Perry signed the bill into law on 3 June, allowing the formation of pure captive insurance companies. Texas now joins the majority of US states that allow the formation of captive insurance companies
