| 2 | | - | (In the Senate - Filed March 6, 2015; March 11, 2015, read |
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| 3 | | - | first time and referred to Committee on Business and Commerce; |
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| 4 | | - | April 15, 2015, reported favorably by the following vote: Yeas 9, |
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| 5 | | - | Nays 0; April 15, 2015, sent to printer.) |
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| 6 | | - | Click here to see the committee vote |
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| 7 | 2 | | |
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| 8 | 3 | | |
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| 9 | 4 | | A BILL TO BE ENTITLED |
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| 10 | 5 | | AN ACT |
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| 11 | 6 | | relating to the decertification of a certified capital company. |
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| 12 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 13 | 8 | | SECTION 1. Section 228.302, Insurance Code, is amended by |
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| 14 | 9 | | adding Subsection (c-1) to read as follows: |
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| 15 | 10 | | (c-1) Notwithstanding any other provision of this section, |
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| 16 | 11 | | the comptroller may decertify a certified capital company if the |
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| 17 | 12 | | comptroller receives a request in writing from the certified |
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| 18 | 13 | | capital company stating that the certified capital company has made |
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| 19 | 14 | | qualified investments in an amount cumulatively equal to 100 |
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| 20 | 15 | | percent of the company's certified capital. |
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| 21 | 16 | | SECTION 2. This Act takes effect immediately if it receives |
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| 22 | 17 | | a vote of two-thirds of all the members elected to each house, as |
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| 23 | 18 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 24 | 19 | | Act does not receive the vote necessary for immediate effect, this |
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| 25 | 20 | | Act takes effect September 1, 2015. |
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