By: Eltife S.B. No. 1744
(In the Senate - Filed March 11, 2011; March 23, 2011, read
first time and referred to Committee on Economic Development;
April 11, 2011, reported favorably by the following vote: Yeas 6,
Nays 0; April 11, 2011, sent to printer.)
A BILL TO BE ENTITLED
AN ACT
relating to the certification of a certified capital company.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter G, Chapter 228, Insurance Code, is
amended by adding Section 228.3021 to read as follows:
Sec. 228.3021. VOLUNTARY DECERTIFICATION OF CERTIFIED
CAPITAL COMPANY. (a) The comptroller may decertify a certified
capital company on the written request of the company if the
comptroller finds that the company has made qualified investments
in an amount equal to 100 percent of the company's certified
capital.
(b) The comptroller shall notify any appropriate state
agency of a decertification of a certified capital company.
SECTION 2. Section 228.351, Insurance Code, is amended by
adding Subsection (f) to read as follows:
(f) This subchapter does not authorize the recapture and
forfeiture of premium tax credits following voluntary
decertification of a certified capital company under Section
228.3021.
SECTION 3. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2011.
* * * * *