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Venture Capital Asset Protection Insurance in Texas

Texas requires certain out-of-state advisers below the six-client threshold to make a notice filing and pay fees rather than treating them as wholly outside the state process. Check whether that route applies. The SEC exemption from federal registration is not a blanket state exemption, so confirm the adviser’s state filing position and list the correct entities for insurance. 2,1

What Is Venture Capital Asset Protection?

Venture capital asset protection can combine management and professional liability for a venture or private-equity fund and its managers. The label is not a standard coverage package, so check which funds, partners, board roles and claims the quote includes. Read the national Venture capital asset protection guide.

What to Watch for in Texas

  • Check the State Adviser Filing

    Texas requires certain out-of-state advisers below the six-client threshold to make a notice filing and pay fees rather than treating them as wholly outside the state process. Check whether that route applies. Confirm the regulator-facing status of the adviser entity; do not assume SEC exempt-reporting treatment settles it. 2,1

  • Map Each Fund and Manager Entity

    For fewer than six Texas clients, determine whether the adviser must notice-file; distinguish a notice filing from registration when completing the carrier’s regulatory-history questions. Give the broker the fund, GP, adviser and management-company chart, then ask how the policy coordinates with each entity’s indemnification obligations under its governing documents and organizing law. 3,1

  • Match the Policy to Fund Work

    Check if the Texas notice-filing route applies before representing the adviser as unregistered. Ask for a written schedule of funds, management entities, partner board seats and covered professional services; the product label does not establish those terms. 1,2

Who Regulates Insurance in Texas

Texas Department of Insurance

TDI licenses agents and insurers, reviews company rate filings, and investigates complaints against insurance companies and people it regulates. Its complaint page states limits on what it can resolve, including disputes outside its regulatory authority. 4,5,6

Surplus-lines tax and stamping office

Reported tax rate: 4.85% of gross premium plus 0.04% SLTX stamping fee When Texas is the insured’s home state, the state tax is 4.85% of gross premium; absent a compact allocation agreement, a multistate policy can be taxed on its entire premium. Policies effective on or after Jan. 1, 2024 also carry a 0.04% stamping fee; SLTX invoices the broker and says the insured pays it, and the surplus-lines insurer is not covered by the Texas guaranty association. 7,8,9

Surplus Lines Stamping Office of Texas

Providers With Documented State Licenses

No provider in Spot’s research documents both a state license record and this coverage line. This does not establish that providers are unlicensed. Check the regulator’s license lookup and confirm availability with a provider when requesting a quote.

Questions to Ask Before You Buy in Texas

  1. Does our Texas adviser need a notice filing below six clients, and is it current?
  2. Does the policy schedule include the Texas adviser entity and any Texas branches?
  3. How does the policy treat regulatory investigations connected to Texas advisory activity?

Venture Capital Asset Protection in Texas: FAQ

Is the federal venture capital adviser exemption enough for state registration in Texas? 1,2

No. The SEC describes an exemption from federal registration for advisers solely to venture-capital funds, while state adviser rules remain a separate question. Texas requires certain out-of-state advisers below the six-client threshold to make a notice filing and pay fees rather than treating them as wholly outside the state process. Check whether that route applies. Check the applicable state filing status for the adviser and its representatives. 1,2

What Texas adviser rule should a VC fund check before buying VCAP? 2,1

The state adviser-registration summary says: Texas requires certain out-of-state advisers below the six-client threshold to make a notice filing and pay fees rather than treating them as wholly outside the state process. Check whether that route applies. Separate this filing or financial-responsibility rule from liability coverage, then ask the broker whether the policy covers the adviser, GP, management company and funds. 2,1

Which entities should a venture fund in Texas include in its VCAP application? 1,3

Include the fund, GP, adviser and management company, plus partners’ portfolio-company board roles. For fewer than six Texas clients, determine whether the adviser must notice-file; distinguish a notice filing from registration when completing the carrier’s regulatory-history questions. Ask the insurer to confirm which entities, services and board seats are covered in writing. 1,3

Venture Capital Asset Protection in Other States

Other Coverage in Texas

Sources

  1. Private Fund Adviser Overview. U.S. Securities and Exchange Commission; Federal exemptions for advisers solely to venture capital funds; state registration may also apply. Accessed 2026-09-28.
  2. Texas Investment Adviser Registration Information. North American Securities Administrators Association; State investment adviser registration requirements and regulator reference. Accessed 2026-09-28.
  3. texas insurance regulator. State insurance regulator; TDI regulator page outlines licensing, financial oversight, compliance/enforcement, and rate review. Accessed 2026-09-28.
  4. How to Find a Licensed Insurance Agent or Adjuster. State insurance regulator; TDI says search by agent name or license number and links to the state license search. Accessed 2026-09-28.
  5. Get Help with an Insurance Complaint. State insurance regulator; Direct complaint page explains covered entities, exclusions and online filing; Help Line 800-252-3439. Accessed 2026-09-28.
  6. Texas Insurance Code §§225.002–225.004. Texas Legislature; §225.002 limits chapter to Texas-home-state insured; §225.004(a) 4.85%; (a-1) NRRA home-state limitation; (c) entire premium where Texas is home state and no compact agreement. Accessed 2026-09-28.
  7. Stamping Fees & Taxes. Surplus Lines Stamping Office of Texas; Current policy-date table lists 0.04% for inception 1/1/2024 and after; stamping fee invoices go to brokers; site says fee is paid by insured. Accessed 2026-09-28.
  8. Texas Surplus Lines Companies. Texas Department of Insurance; TDI says surplus-lines insurers are not licensed in Texas and its guaranty association member; eligibility/disclaimer and broker financial-responsibility details. Accessed 2026-09-28.
  9. Licenses. At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21.
  10. Licenses and Carriers. Coalition; Licenses and Carriers, re-read 22 September 2026: Insurance Licenses table for Coalition Insurance Solutions, Inc., national producer number 18419475, with producer and surplus-lines numbers for all 50 states and DC including California 0L76155, Georgia 196479, Texas 2199630 and 2205589, Pennsylvania 815731 and 817452, Colorado 539028 and Wisconsin 3000108852. Insurance Carriers table naming, with NAIC numbers, Allianz Underwriters Insurance Company 36420, Arch Specialty Insurance Company 21199, Ascot Specialty Insurance Company 45055, Ascot Insurance Company 23752, Aspen Specialty Insurance Company 10717, Chaucer Insurance Company DAC, Coalition Insurance Company 29530, Fireman's Fund Indemnity Corporation 11380, Fortegra Specialty Insurance Company 16823, Lloyd's of London, MSIG Specialty Insurance USA Inc. 34886, MS Transverse Specialty Insurance Company 41807, Steadfast Insurance Company 26387, Vantage Risk Specialty Insurance Company 16275 and Zurich American Insurance Company 16535. Accessed 2026-09-22.
  11. Insurance Producer Licenses. Corgi Insurance; Current complete Insurance Producer Licenses table for Corgi Insurance Services, Inc.; 50 rows covering 49 states and DC (DC 3003091619); no New Mexico row; no NPN or as-of date shown. Accessed 2026-09-28.
  12. About Hiscox US Insurance. Hiscox; Hiscox Insurance Company Inc. NAIC 10200 as Chicago, IL domiciled insurer admitted or licensed in all 50 states and D.C.; Hiscox Inc. as general agent and Lloyd’s coverholder for Syndicates 33 and 3624; surplus-lines placements through licensed surplus-lines brokers; A.M. Best rating statement. Accessed 2026-09-16.
  13. Licenses. ERGO NEXT Insurance; Current entity-by-state license table reopened 28 September 2026: 50 rows under Next First Insurance Agency, Inc., including Washington, DC; New York rows instead list Next Insurance Services PC-1423070 and AP Intego BR-1198885. Accessed 2026-09-28.
  14. About Risklytics. Risklytics; What we do; Who we insure; Licensing; Agency licenses table dated 2026-09-10. Accessed 2026-09-16.
  15. Insurance Licenses by State. TechInsurance; Current state table; identifies TechInsurance as a division of Specialty Program Group LLC d/b/a SPG Insurance Solutions; lists DC 3000041536 and labels Rhode Island “Individual licenses,” without an agency license number. Accessed 2026-09-28.
  16. Licenses. Vouch; Effective 16 January 2025: Vouch Specialty Insurance Services, LLC, NPN 19926463; P&C table (50 states and DC); surplus-lines table includes Idaho 870820; footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses; Idaho retained as producer-only due to conflict. Accessed 2026-09-15.

Updated .

This guide is informational and does not determine whether a policy is available or meets your needs. Editorial policy. To suggest a correction, contact Spot with a supporting source.

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