| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Eltife S.B. No. 1744 | |
| 2 | 2 | (Murphy) | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the certification of a certified capital company. | |
| 8 | 8 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 9 | 9 | SECTION 1. Subchapter G, Chapter 228, Insurance Code, is | |
| 10 | 10 | amended by adding Section 228.3021 to read as follows: | |
| 11 | 11 | Sec. 228.3021. VOLUNTARY DECERTIFICATION OF CERTIFIED | |
| 12 | 12 | CAPITAL COMPANY. (a) The comptroller may decertify a certified | |
| 13 | 13 | capital company on the written request of the company if the | |
| 14 | 14 | comptroller finds that the company has made qualified investments | |
| 15 | 15 | in an amount equal to 100 percent of the company's certified | |
| 16 | 16 | capital. | |
| 17 | 17 | (b) The comptroller shall notify any appropriate state | |
| 18 | 18 | agency of a decertification of a certified capital company. | |
| 19 | 19 | SECTION 2. Section 228.351, Insurance Code, is amended by | |
| 20 | 20 | adding Subsection (f) to read as follows: | |
| 21 | 21 | (f) This subchapter does not authorize the recapture and | |
| 22 | 22 | forfeiture of premium tax credits following voluntary | |
| 23 | 23 | decertification of a certified capital company under Section | |
| 24 | 24 | 228.3021. | |
| 25 | 25 | SECTION 3. This Act takes effect immediately if it receives | |
| 26 | 26 | a vote of two-thirds of all the members elected to each house, as | |
| 27 | 27 | provided by Section 39, Article III, Texas Constitution. If this | |
| 28 | 28 | Act does not receive the vote necessary for immediate effect, this | |
| 29 | 29 | Act takes effect September 1, 2011. |