Established by legislation in 2013, Texas considers pure captives from a growing diversified market and offers a .5% premium tax rate. A very favorable state economic climate coupled with a regulatory process designed to engage, assess, and approve legitimate captive insurer programs makes Texas the destination for businesses throughout the world.
[Last updated: 18/07/16]
Regulatory contact:
Jeff Hunt, Director of Company Licensing
333 Guadalupe St.
Austin, TX 78701
Telephone Number
(512)676-6375
Email Address
captives@tdi.texas.gov
Website http://www.tdi.texas.gov/licensing/company/captives.html
Year Legislation Passed
2013
Recent Amendments
N/A
Do you allow Cell Captives?
No
Total Number of Licenced Captives
28 Pure Captives
Number of Risk Retention Groups or Group Captives
0
Number of Single Parent Captives
29
Number of Cell Captives
0
Number of licences granted in the past year (2015 calendar year)
10
Approximate (or Average) length of time to process a new captive
60-90 days for new formations
30-45 days for redomestications
Captive tax rates (include descriptions if needed)
http://comptroller.texas.gov/taxinfo/taxpubs/tx94_130.pdf - Maintenance tax information.
0.5% premium tax rate
Minimum capitalisation rate
Minimum of $250k NOT including working capital.
Licencing fees
$1,500 application fee
Industry sectors best represented in the domicile
Energy
Top uses for Captives in domicile
Energy-7
The rest are an even mix between miscellaneous services, and retail.
Total premiums received by the Captives
$2.29bn
Total value of assets under management
$2.95bn