| 1 | 1 | | 82R20929 TJS-F |
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| 2 | 2 | | By: Murphy H.B. No. 3374 |
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| 3 | 3 | | Substitute the following for H.B. No. 3374: |
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| 4 | 4 | | By: Murphy C.S.H.B. No. 3374 |
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| 5 | 5 | | |
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| 6 | 6 | | |
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| 7 | 7 | | A BILL TO BE ENTITLED |
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| 8 | 8 | | AN ACT |
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| 9 | 9 | | relating to the voluntary decertification of a certified capital |
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| 10 | 10 | | company. |
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| 11 | 11 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 12 | 12 | | SECTION 1. Subchapter G, Chapter 228, Insurance Code, is |
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| 13 | 13 | | amended by adding Section 228.3021 to read as follows: |
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| 14 | 14 | | Sec. 228.3021. VOLUNTARY DECERTIFICATION OF CERTIFIED |
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| 15 | 15 | | CAPITAL COMPANY. (a) The comptroller may decertify a certified |
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| 16 | 16 | | capital company on the written request of the company, if the |
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| 17 | 17 | | comptroller finds that the company has made qualified investments |
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| 18 | 18 | | in an amount equal to 100 percent of the company's certified |
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| 19 | 19 | | capital. |
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| 20 | 20 | | (b) The comptroller shall notify any appropriate state |
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| 21 | 21 | | agency of a decertification of a certified capital company. |
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| 22 | 22 | | SECTION 2. Section 228.351, Insurance Code, is amended by |
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| 23 | 23 | | adding Subsection (f) to read as follows: |
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| 24 | 24 | | (f) This subchapter does not authorize the recapture and |
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| 25 | 25 | | forfeiture of premium tax credits following voluntary |
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| 26 | 26 | | decertification of a certified capital company under Section |
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| 27 | 27 | | 228.3021. |
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| 28 | 28 | | SECTION 3. This Act takes effect immediately if it receives |
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| 29 | 29 | | a vote of two-thirds of all the members elected to each house, as |
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| 30 | 30 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 31 | 31 | | Act does not receive the vote necessary for immediate effect, this |
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| 32 | 32 | | Act takes effect September 1, 2011. |
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