The Texas Department of Insurance (TDI) recently adopted amendments to 28 TAC §7.209 (Rule 7.209) relating to the requirements for Form A filings in connection with the acquisition or change of control of Texas domestic insurers. These amendments became effective July 18, 2016, and are the first significant revisions to
Christopher Martin
Texas Department of Insurance Seeks Input for 2016 Biennial Report to the Texas Legislature
Posted in Texas Developments
On March 10, 2016, the Texas Department of Insurance (TDI) will hold a stakeholders meeting to seek input on the preparation of the Department’s next report to the Texas Legislature. Pursuant to Texas Insurance Code Section 32.022, TDI is required to provide a report to the Legislature by December 31st…
Reorganization of Texas Lloyd’s Plan
Posted in Regulatory, Texas Developments
Locke Lord LLP recently represented a national platform client in connection with a unique internal reorganization and simplification of their Texas insurance company subsidiary organizational chart. The principal objective on this engagement was to eliminate a legacy Texas Lloyd’s Plan (“TLP”) entity. TLP entities are seen by some as historical…
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More Senior Staff Changes at the Texas Department of Insurance
After 24 years of service with the Texas Department of Insurance (TDI), General Counsel Sara Wait will be retiring in December 2015. Wait has had a distinguished career at TDI after starting as a law clerk in TDI’s liquidation division and serving two stints at a private law firm.
On…
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New Texas Medical Stop-Loss Rules Drafted by Texas Department of Insurance
Posted in Regulatory, Texas Developments
Within an environment of increased federal and state regulatory emphasis on health insurance related issues arising due to the passage by the U.S. Congress of the Patient Protection and Affordable Care Act of 2010, the Texas Department of Insurance (“TDI”) has drafted new and potentially transformative rules relating to medical…
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New Legislation Expands Texas Captive Insurance Market
Posted in Regulatory, Texas Developments
This month Texas Governor Greg Abbott has signed two pieces of recent legislation into law which expand Texas’s growing captive insurance market.
First, Senate Bill 667 amends Chapter 964 of the Texas Insurance Code to permit Texas captive insurance companies to pool risk with other affiliated captives subject to approval…
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Texas Enacts Own Risk and Solvency Assessment (ORSA) Requirements for Texas Insurers
Posted in Regulatory, Texas Developments
On May 19, 2015, Governor Abbott signed into law the Texas version of the NAIC’s Own Risk and Solvency Assessment (ORSA), which became effectively immediately and will be codified in Chapter 830 of the Texas Insurance Code. The NAIC’s model act version of ORSA was adopted in 2012 and Texas…
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Texas Legislation Looks to Enhance Captive Regulatory Environment
In 2013, Texas enacted legislation authorizing captive insurance companies to be domiciled in Texas for the first time, with the first Texas captive becoming licensed on March 17, 2014. Now, Texas lawmakers have proposed legislation, Senate Bill 667, to enhance an already favorable regulatory environment for Texas-licensed captive companies…
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Evolving Audit Committee Standards for Texas Insurers
Posted in Industry Developments, Regulatory
Effective January 1, 2010, the National Association of Insurance Commissioners (NAIC) adopted the Annual Financial Reporting Model Regulations (Model Audit Rule), which among other requirements, substantially expanded the role of board of director audit committees in the oversight of insurance company financial reporting, auditor qualifications and independence, corporate governance and…
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