Moving a Captive Insurance Company's Books and Records Out of the State of Texas Under Texas Insurance Code, Section 803 is a process that allows a captive insurance company to move its books and records out of the state of Texas with the approval of the Texas Department of Insurance (TDI). Captive insurance companies are entities that are owned and controlled by their insureds and provide insurance to those insureds. The process of moving a captive insurance company's books and records out of the state of Texas begins with the filing of an application to the TDI. The application must include a detailed description of the books and records that will be moved, the proposed location of the new books and records, and the reasons for the move. Once the application is approved by the TDI, the captive insurance company must then file notice of the move to the Texas Secretary of State, provide notice to the Texas Comptroller of Public Accounts, and submit the required fees to cover the costs of the move. There are two types of Moving a Captive Insurance Company's Books and Records Out of the State of Texas Under Texas Insurance Code, Section 803: a voluntary move and an involuntary move. Voluntary moves are initiated by the captive insurance company and are approved by the TDI in accordance with the requirements of the code. Involuntary moves are initiated by the TDI and require the approval of the Texas Commissioner of Insurance. In either case, once the move is approved, the captive insurance company must proceed with the necessary steps to complete the move.
Moving a Captive Insurance Company's Books and Records Out of the State of Texas Under Texas Insurance Code, Section 803
Description
How to fill out Moving A Captive Insurance Company's Books And Records Out Of The State Of Texas Under Texas Insurance Code, Section 803?
US Legal Forms is the most simple and affordable way to find suitable legal templates. It’s the most extensive online library of business and individual legal documentation drafted and verified by lawyers. Here, you can find printable and fillable templates that comply with national and local regulations - just like your Moving a Captive Insurance Company's Books and Records Out of the State of Texas Under Texas Insurance Code, Section 803.
Getting your template takes only a few simple steps. Users that already have an account with a valid subscription only need to log in to the web service and download the form on their device. Later, they can find it in their profile in the My Forms tab.
And here’s how you can get a properly drafted Moving a Captive Insurance Company's Books and Records Out of the State of Texas Under Texas Insurance Code, Section 803 if you are using US Legal Forms for the first time:
- Look at the form description or preview the document to make sure you’ve found the one corresponding to your needs, or locate another one using the search tab above.
- Click Buy now when you’re sure of its compatibility with all the requirements, and judge the subscription plan you like most.
- Register for an account with our service, log in, and pay for your subscription using PayPal or you credit card.
- Select the preferred file format for your Moving a Captive Insurance Company's Books and Records Out of the State of Texas Under Texas Insurance Code, Section 803 and save it on your device with the appropriate button.
After you save a template, you can reaccess it whenever you want - simply find it in your profile, re-download it for printing and manual fill-out or import it to an online editor to fill it out and sign more proficiently.
Benefit from US Legal Forms, your reliable assistant in obtaining the required official paperwork. Try it out!
Form popularity
FAQ
Types of Captives Single Parent: This type of captive insures the risks of related companies and is owned and controlled by the related company or its affiliates.Sponsored Captive:Group/Association Captive:Agency Captive:
Association Captives: Any company that insures risks of the member organizations of the association, and their affiliated companies. Industrial Captives: Any company that insures risks of the industrial insured that comprise the industrial insured group, and their affiliated companies.
A captive insurance company is an entity controlled by another business, where the captive bears some or all of the insured employee benefit risks of the controlling entity. This arrangement is used so that the controlling organization can save somewhere in the range of 5% to 10% on its benefit costs.
Captives are required to pay taxes on direct written premiums. That tax rate is 0.5 percent, with a minimum annual tax of $7,500 with a $200,000 cap. No taxes are imposed on reinsurance premiums. Also, Texas lawmakers have amended the captive statute several times since its passage.
Insurance companies are classified as either stock or mutual depending on the ownership structure of the organization.
The motives for using an offshore captive may include tax planning. Regulatory differences between onshore and offshore have become significantly less as the offshore captive industry has matured.
A captive insurance company represents an option for many corporations and groups that want to take financial control and manage risks by underwriting their own insurance rather than paying premiums to third-party insurers. The advantages of going captive are: Coverage tailored to meet your needs.
Micro captives are identified as abusive tax shelters by the IRS because they are often not formed and managed as legitimate insurance companies. Group captive insurance plans from Roundstone meet all IRS criteria for a legitimate group captive insurance company.