SECTION 6.401. Annual Report

(a) The department adopts, by reference, the Texas Captive Annual Report, including all forms, instructions, and requirements. The adopted forms and instructions will be available on the department's website. The adopted forms, instructions, and requirements are for use by all captive insurance companies that are subject to the provisions of this chapter and Insurance Code Chapter 964. Bracketed information in the forms, including the department submission locations, submission formats and methods, and contact information, is subject to change and persons submitting the forms must confirm that they are using the most recent online version before submitting.

(b) Except as provided in §6.404 of this title, on or before March 1 of each year, a captive insurance company must electronically submit its annual report of the captive insurance company's financial condition as of December 31 of the prior year using the adopted Texas Captive Annual Report form and instructions.

(c) A request to waive the actuarial opinion required to be filed with the annual report must be submitted to the department no later than 30 days prior to the end of the fiscal year subject to the waiver request. If approved, the approved actuarial opinion waiver must be submitted with the Texas Captive Annual Report. The request must include:

(1) the name of the captive insurance company;

(2) the name and contact information of a representative of the captive insurance company with knowledge of the information disclosed in the request;

(3) the time period that the captive insurance company has been in operation;

(4) the amount of net written premium or reinsurance assumed; and

(5) the signature of an officer of the captive insurance company, or attorney in fact, certifying the information contained in the request is true and correct to the best of the signing individual's knowledge and belief.

Source Note: The provisions of this §6.401 adopted to be effective April 27, 2014, 39 TexReg 3232; amended to be effective December 30, 2018, 43 TexReg 8432