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CS/CS/HB 379: Captive Insurance

GENERAL BILL by Economic Affairs Committee ; Insurance and Banking Subcommittee ; Nunez ; (CO-INTRODUCERS) Horner

Captive Insurance; Expands kinds of insurance for which captive insurer may seek licensure; limits risks certain captive insurers may insure; specifies requirements & conditions relating to captive insurer's authority to conduct business; requires before licensure captive insurers must file or submit to OIR specified information, documents, & statements; requires captive insurance company to file specific evidence with office relating to financial condition & quality of management & operations of company; specifies fees to be paid by captive insurance or reinsurance companies; authorizes Commissioner of Insurance Regulation to grant captive insurance company license to conduct insurance business until specified date; authorizes foreign or alien captive insurance company to become domestic captive insurance company by complying with requirements; authorizes office to waive requirements for public hearings relating to redomestication of alien captive insurance company; specifies industrial insured captive insurance companies are not required to be incorporated in this state; requires biographical affidavits, background investigations, & fingerprint cards for all officers & directors; provides restrictions on officers & directors involved with insolvent insurers.

Effective Date: upon becoming a law
Last Action: 3/9/2012 Senate - Died in Banking and Insurance, companion bill(s) passed, see CS/CS/HB 1101 (Ch. 2012-151)
Location: In committee/council (BI)
Bill Text: PDF
Senate Committee References:
  1. Banking and Insurance (BI)
  2. Budget Subcommittee on General Government Appropriations (BGA)
  3. Budget (BC)

Bill History

Date Chamber Action
10/17/2011 House • Filed
10/28/2011 House • Referred to Insurance and Banking Subcommittee; Finance and Tax Committee; Economic Affairs Committee -HJ 38
11/9/2011 House • On Committee agenda-- Insurance and Banking Subcommittee, 11/16/11, 8:00 am, 404 HOB
11/16/2011 House • CS by Insurance and Banking Subcommittee; YEAS 15 NAYS 0 -HJ 176
12/7/2011 House • Pending review of CS under Rule 7.19(c)
12/9/2011 House • Original reference(s) removed: Finance and Tax Committee
• CS referred to Economic Affairs Committee -HJ 169
• Now in Economic Affairs Committee -HJ 169
1/10/2012 House • Introduced -HJ 38
• On Committee agenda-- Economic Affairs Committee, 01/12/12, 11:30 am, Reed Hall
• CS by Insurance and Banking Subcommittee read 1st time -HJ 165
1/12/2012 House • CS/CS by- Economic Affairs Committee; YEAS 15 NAYS 0 -HJ 248
1/20/2012 House • Pending review of CS -under Rule 7.19(c)
1/23/2012 House • Placed on Calendar -HJ 246
• CS/CS by Economic Affairs Committee read 1st time -HJ 242
2/20/2012 House • Placed on Special Order Calendar, 02/22/12
2/22/2012 House • Read 2nd time -HJ 726
• Amendment(s) adopted (089525, 138831, 271209, 534865, 634279, 813789) -HJ 727
• Placed on 3rd reading
2/23/2012 House • Read 3rd time -HJ 776
• CS passed as amended; YEAS 115 NAYS 0 -HJ 777
2/24/2012 Senate • In Messages
3/5/2012 Senate • Received -SJ 841
• Referred to Banking and Insurance; Budget Subcommittee on General Government Appropriations; Budget -SJ 841
3/9/2012 Senate • Died in Banking and Insurance, companion bill(s) passed, see CS/CS/HB 1101 (Ch. 2012-151)