SECTION 6.102. Maintenance and Duration of the Registration

(a) The captive management company must notify the department of changes to the information required for registration not later than 30 days after the change.

(b) A captive management company may not operate without a designated responsible party except as provided in this subsection. If a designated responsible party leaves a captive management company, the captive management company must notify the department of a replacement designated party and provide all information required under §6.103 of this title (relating to Designated Responsible Party) within the 30-day period specified in subsection (a) of this section.

(c) The captive management company's registration will expire if the captive management company does not provide administrative services to at least one Texas domestic captive insurance company for a period of more than 180 days.

(d) If a captive management company's registration expires, the captive management company must submit a new registration to the department, which the commissioner must approve in writing before the entity can act as a captive management company. The captive management company may submit a written request for the commissioner to waive any portion of the registration requirement under this section. At the commissioner's sole discretion, the commissioner may grant the waiver in writing if the commissioner determines that the requirement or information is not applicable or provides no additional value in reviewing the registration submission.

Source Note: The provisions of this §6.102 adopted to be effective April 27, 2014, 39 TexReg 3232