The Texas Department of Insurance (TDI) has licensed Gateway Rivers Insurance Co., the captive insurance subsidiary of AT&T Inc. Gateway Rivers is based in Dallas.
“We’re very pleased to have this business in Texas,” said Commissioner of Insurance Julia Rathgeber. “Our state has a thriving insurance market and these new rules will help make it even more robust.”
“The licensing of AT&T’s captive insurance operations in Texas allows us to conduct business more efficiently and keep our risk management operations closer to home,” said Leslie Ward, Vice President – Legislative and External Affairs of AT&T Texas. “Any day that lawmakers and regulators can eliminate obstacles to business operations is a day when Texas becomes even more attractive as a corporate home. We are impressed with the Texas Legislature’s and Insurance Commissioner’s ability to take a business concept and make it a reality in Texas in less than a year.”
AT&T has more than 246,000 employees worldwide, including 36,000 employees in Texas.
The TDI rules and statute require that affiliated companies have significant operations in Texas in order to form or move a captive here. Captive insurers licensed in Texas can only insure operational risks of affiliated companies and controlled unaffiliated business.
The statute prohibits captives from accepting insurance policy risks of an insurance affiliate.
Topics Texas
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