By: Carona S.B. No. 1665
(Smithee)
A BILL TO BE ENTITLED
AN ACT
relating to the deposit of assessments and fees collected for
examination expenses.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 401.156, Insurance Code, is amended to
read as follows:
Sec. 401.156. DEPOSIT AND USE OF ASSESSMENT AND FEE.
(a) The department shall deposit any assessments or fees collected
under this subchapter relating to the examination of insurers and
other regulated entities by the financial examinations division or
actuarial division, as those terms are defined by Section 401.251,
to the credit of an account with the Texas Treasury Safekeeping
Trust Company to be used exclusively to pay examination costs, as
defined by Section 401.251, reimbursement of the Texas Department
of Insurance operating account for administrative support costs,
and reimbursement of premium tax credits for examination costs and
examination overhead assessments. [Money deposited under this
subsection accumulates and may be disbursed to the department in a
manner consistent with Subchapter F.]
(b) Money deposited under Subsection (a) accumulates and
may be disbursed to the department in a manner consistent with that
subsection and Subchapter F.
(c) Revenue that is not related to the examination of
insurers or other regulated entities by the financial examinations
division or actuarial division shall be deposited to the credit of
the Texas Department of Insurance operating account.
(d) [(c)] To the extent that another provision of law
conflicts with this section or a provision of this section, this
section or the provision of this section controls.
(e) [(d)] The department may transfer funds between the
account described by Subsection (a) and the Texas Department of
Insurance operating account as necessary to ensure that funds are
deposited to the correct account and used for the correct purposes.
This subsection does not authorize a disbursement or transfer of
funds in a manner that is inconsistent with the purpose of
Subchapter F and this section.
SECTION 2. 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, 2013.