The attorney in fact of a captive exchange must:

1. (1) be:

   1. (A) a corporation organized in this state; or
   2. (B) a limited liability company organized in this state;
2. (2) on the date of the captive exchange's formation, have and maintain a power of attorney with all subscribers of the captive exchange;
3. (3) have its principal office in this state; and
4. (4) have at least three members in the governing body of the attorney in fact, and at least one of those members must be a resident of this state.

Added by Acts 2017, 85th Leg., R.S., Ch. 1050 (H.B. 1944), Sec. 2.01, eff. June 15, 2017.