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Market Research Report

Texas Insurance Industry - Governance, Risk and Compliance

Published by GlobalData Product code 980191
Published Content info 85 Pages
Delivery time: 1-2 business days
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Texas Insurance Industry - Governance, Risk and Compliance
Published: December 24, 2020 Content info: 85 Pages
Description

GlobalData's 'Texas Insurance Industry - Governance, Risk and Compliance' report is the result of extensive research into the insurance regulatory framework in Texas.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Key Highlights

  • The TDI regulates the Texan insurance industry.
  • Composite insurance is not permitted in Texas.
  • 100% FDI is permitted in the Texas insurance industry.
  • Non-admitted insurance is not permitted with a few exceptions.
  • Motor third-party liability insurance is compulsory in Texas.

The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Texas, including -

  • An overview of the insurance regulatory framework in Texas.
  • The latest key changes, and changes expected in the country's insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Texas.
  • Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country

Scope

  • The report covers details of the insurance regulatory framework in Texas.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to Buy

  • Gain insights into the insurance regulatory framework in Texas.
  • Track the latest regulatory changes, and expected changes impacting the Texan insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product
Table of Contents
Product Code: GDIS0181RR

Table of Contents

Table of Contents

1 INTRODUCTION

  • 1.1 What is this Report About?
  • 1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

  • 2.1 Legislation Overview and Historical Evolution
  • 2.2 Latest Changes in Regulation
  • 2.3 Legislation and Market Practice by Type of Insurance
    • 2.3.1 Life insurance
    • 2.3.2 Property insurance
    • 2.3.3 Motor insurance
    • 2.3.4 Liability insurance
    • 2.3.5 Marine, aviation and transit insurance
    • 2.3.6 Personal accident and health insurance
  • 2.4 Compulsory Insurance
    • 2.4.1 Health insurance
    • 2.4.2 Motor third-party liability insurance
    • 2.4.3 Social insurance system
  • 2.5 Supervision and Control
    • 2.5.1 International Association of Insurance Supervisors
    • 2.5.2 National Association of Insurance Commissioners
    • 2.5.3 Federal Insurance Office
    • 2.5.4 National Association of Mutual Insurance Companies
    • 2.5.5 American Property Casualty Insurers of America
    • 2.5.6 Reinsurance Association of America
    • 2.5.7 Texas Department Insurance
    • 2.5.8 Texas Captive Insurance Association
  • 2.6 Non-Admitted Insurance Regulations
    • 2.6.1 Overview
    • 2.6.2 Intermediaries
    • 2.6.3 Market practices
    • 2.6.4 Fines and Penalties
  • 2.7 Company Registration and Operations
    • 2.7.1 Type of insurance organization
    • 2.7.2 Establishing a local company
    • 2.7.3 Foreign ownership
    • 2.7.4 Types of license
    • 2.7.5 Capital requirements
    • 2.7.6 Solvency margin
    • 2.7.7 Reserve requirements
    • 2.7.8 Investment regulations
    • 2.7.9 Statutory return requirements
    • 2.7.10 Fee structure
  • 2.8 Taxation
    • 2.8.1 Insurance premium or policy taxation
    • 2.8.2 Withholding taxes on premium paid overseas
    • 2.8.3 Corporate tax
    • 2.8.4 VAT
    • 2.8.5 Captives
  • 2.9 Legal System
    • 2.9.1 Introduction
    • 2.9.2 Access to court
    • 2.9.3 Alternative dispute resolution

3 APPENDIX

  • 3.1 Methodology
  • 3.2 Contact GlobalData
  • 3.3 About GlobalData
  • 3.4 GlobalData's Services
  • 3.5 Disclaimer

List of Tables

List of Tables

  • Table 1: Insurance Industry Definitions
  • Table 2: The US - Texas - Insurance Regulatory Framework Key Features
  • Table 3: The US - Texas - Credit Rating Requirements for Conducting Reinsurance Business
  • Table 4: The US - Texas - Credit Rating Requirements for Conducting Reinsurance Business
  • Table 5: The US - Texas - Life Insurance Regulatory Framework
  • Table 6: The US - Texas - Property Insurance Regulatory Framework
  • Table 7: The US - Texas - TRIP Highlights
  • Table 8: The US - Texas - Motor Insurance Regulatory Framework
  • Table 9: The US - Texas - Increase in Automobile Insurance Premium Rates
  • Table 10: The US - Texas - Liability Insurance Regulatory Framework
  • Table 11: The US - Texas Tax Rates for the Financial Year 2020
  • Table 12: The US - Texas - Corporate Tax Rates for the Financial Year 2020

List of Figures

List of Figures

  • Figure 1: The US - Texas - Insurance Supervision and Control at Various Levels
  • Figure 2: The US - Texas - Insurance Regulatory Frameworks for Company Registration and Operation
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