By: Hancock S.B. No. 1017
(In the Senate - Filed March 6, 2015; March 11, 2015, read
first time and referred to Committee on Business and Commerce;
April 15, 2015, reported favorably by the following vote: Yeas 9,
Nays 0; April 15, 2015, sent to printer.)
Click here to see the committee vote
A BILL TO BE ENTITLED
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.
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