Texas 2013 - 83rd Regular

Texas House Bill HB1047 Compare Versions

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1	1	By: Sheets (Senate Sponsor - Estes) H.B. No. 1047
2	2	(In the Senate - Received from the House May 6, 2013;
3	3	May 7, 2013, read first time and referred to Committee on Business
4	4	and Commerce; May 14, 2013, reported favorably by the following
5	5	vote: Yeas 9, Nays 0; May 14, 2013, sent to printer.)
6	6
7	7
8	8	A BILL TO BE ENTITLED
9	9	AN ACT
10	10	relating to the regulation of certain surety companies.
11	11	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
12	12	SECTION 1. Section 221.002(c), Insurance Code, is amended
13	13	to read as follows:
14	14	(c) The following premium receipts are not included in
15	15	determining an insurer's taxable premium receipts:
16	16	(1) premium receipts received from the business of
17	17	title insurance;
18	18	(2) premium receipts received from the business of
19	19	life insurance, personal accident insurance, life and accident
20	20	insurance, or health and accident insurance for profit, written by
21	21	a life insurance company, life and accident insurance company,
22	22	health and accident insurance company, or for mutual benefit or
23	23	protection in this state;
24	24	(3) premium receipts received from another authorized
25	25	insurer for reinsurance;
26	26	(4) returned premiums and dividends paid to
27	27	policyholders; [and]
28	28	(5) premiums excluded by another law of this state;
29	29	and
30	30	(6) premiums or service fees retained by a bail bond
31	31	surety licensed under Chapter 1704, Occupations Code, or by a
32	32	property and casualty agent in connection with the execution or
33	33	delivery of a bail bond as defined by Section 1704.001, Occupations
34	34	Code.
35	35	SECTION 2. Subchapter E, Chapter 3503, Insurance Code, is
36	36	amended by adding Sections 3503.202, 3503.203, and 3503.204 to read
37	37	as follows:
38	38	Sec. 3503.202. UNEARNED PREMIUM RESERVE FOR BAIL BOND NOT
39	39	REQUIRED. A surety company is not required to maintain an unearned
40	40	premium reserve for a bail bond, as defined by Section 1704.001,
41	41	Occupations Code, executed or delivered by the company.
42	42	Sec. 3503.203. DIRECT WRITTEN PREMIUM CALCULATION. Direct
43	43	written premium reported by a surety company in a financial
44	44	statement filed with the department may be calculated excluding any
45	45	premiums or service fees retained by a bail bond surety licensed
46	46	under Chapter 1704, Occupations Code, or by a property and casualty
47	47	agent in connection with the execution or delivery of a bail bond as
48	48	defined by Section 1704.001, Occupations Code.
49	49	Sec. 3503.204. DISCLOSURE REQUIREMENTS. A surety company
50	50	that executes or delivers in this state a bail bond as defined by
51	51	Section 1704.001, Occupations Code, shall disclose in the company's
52	52	financial statement filed with the department the aggregate amount
53	53	of:
54	54	(1) gross premium for bail bond business reported in
55	55	the company's surety line of business;
56	56	(2) premium or service fees retained by the bail bond
57	57	surety or agent; and
58	58	(3) premium for bail bond business received by the
59	59	company, net of amounts retained by the bail bond surety or agent.
60	60	SECTION 3. This Act takes effect September 1, 2013.
61	61	* * * * *