H.B. No. 3031
AN ACT
relating to the decertification of a certified capital company.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 228.302, Insurance Code, is amended by
adding Subsection (c-1) to read as follows:
(c-1) Notwithstanding any other provision of this section,
the comptroller may decertify a certified capital company if the
comptroller receives a request in writing from the certified
capital company stating that the certified capital company has made
qualified investments in an amount cumulatively equal to 100
percent of the company's certified capital.
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, 2015.
______________________________ ______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 3031 was passed by the House on April
23, 2015, by the following vote: Yeas 139, Nays 0, 2 present, not
voting.
______________________________
Chief Clerk of the House
I certify that H.B. No. 3031 was passed by the Senate on May
8, 2015, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
APPROVED: _____________________
Date
_____________________
Governor