84R12081 MEW-D
By: Goldman H.B. No. 3255
A BILL TO BE ENTITLED
AN ACT
relating to the interests of certain holding companies in other
holding companies that own a repair facility.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2307.002, Occupations Code, is amended
by adding Subsection (e) to read as follows:
(e) Notwithstanding Subsection (a), a holding company, as
defined by Section 823.002, Insurance Code, that owns an insurer
may own or acquire another holding company that owns an interest in
a repair facility.
SECTION 2. The change in law made by Section 2307.002(e),
Occupations Code, as added by this Act, applies only to the
ownership or acquisition of a holding company on or after the
effective date of this Act. Ownership or acquisition of a holding
company before the effective date of this Act is governed by the law
in effect on the date the interest was acquired, and that law is
continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2015.