Texas Baptists authorise creation of a captive

The Baptist General Convention of Texas (BGCT) has been authorized by its members to create a captive insurance company to handle its insurance needs, it has been reported by local press in Texas.

It was reported in the Baptist Standard that the BGCT’s members voted on the matter at its annual meeting in Waco, Texas on November 11.

According to reports from the event, executive board members recommended forming a new corporation, funding the required capitalisation, and authorising the executive leadership to take all necessary steps to successfully implement a Texas Baptists Insurance Program for property and casualty, liability and similar insurance coverages.

However, the creation of the captive could still be dependent on the results of a feasibility study that the BGCT is still carrying out.

The captive is reported to be a solution to the issues caused by a shortage if insurance carriers in the state, after a number pulled out.

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