| 1 | 1 | | By: Carona S.B. No. 631 |
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| 2 | 2 | | (Morrison) |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to certain statutory insurance deposit requirements. |
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| 8 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 9 | | SECTION 1. Subsections (d) and (f), Section 406.006, |
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| 10 | 10 | | Insurance Code, are amended to read as follows: |
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| 11 | 11 | | (d) The commissioner shall issue a letter approving or an |
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| 12 | 12 | | order [approving or] denying an application under this section not |
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| 13 | 13 | | later than the 30th day after the date the department receives the |
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| 14 | 14 | | application. If the commissioner does not approve or deny the |
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| 15 | 15 | | application within that period, the application is denied. |
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| 16 | 16 | | (f) The comptroller may not release a deposit made under |
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| 17 | 17 | | this chapter, or any part of the deposit, and may not accept a |
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| 18 | 18 | | substitute for a deposited security unless the commissioner issues |
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| 19 | 19 | | a letter [an order] approving the withdrawal or substitution. |
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| 20 | 20 | | SECTION 2. The changes in law made by this Act apply to an |
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| 21 | 21 | | application for substitution or withdrawal of a deposit filed on or |
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| 22 | 22 | | after the effective date of this Act. An application filed before |
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| 23 | 23 | | the effective date of this Act is governed by the law applicable to |
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| 24 | 24 | | the application immediately before that date, and that law is |
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| 25 | 25 | | continued in effect for that purpose. |
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| 26 | 26 | | SECTION 3. This Act takes effect immediately if it receives |
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| 27 | 27 | | a vote of two-thirds of all the members elected to each house, as |
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| 28 | 28 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 29 | 29 | | Act does not receive the vote necessary for immediate effect, this |
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| 30 | 30 | | Act takes effect September 1, 2013. |
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