Gardere Attorneys Help Bring Captive Insurance Carriers to Texas

04 June 2013 News

Law360 discussed Texas becoming the latest state to allow the formation of captive insurance carriers with Government Affairs Partner Kimberly A. Yelkin, chair of Gardere's Insurance Regulatory Practice. The law was drafted by a Gardere team led by Ms. Yelkin.

"This law is very pro-business because of the tax advantages," said Ms. Yelkin. "It does not contemplate a lot of regulatory scrutiny." The Texas bill provides a $200,000 tax cap on premiums, which Ms. Yelkin called the most favorable tax advantage.

Additionally, Ms. Yelkin added that because a state insurer was proactive in advocating for the legislation and supported the final bill language, businesses should expect Texas regulators to welcome new captives. "You're going to find the regulators favorable to the formation of captives and wanting to attract more corporations to the state of Texas," she said. "We wrote the law to make it as streamlined and efficient [as possible] for corporations to form captives."

Subscribers can access the full article here.

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