| 6 | 4 | | AN ACT |
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| 7 | 5 | | relating to authorizing an insurer's deposit of certain money and |
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| 8 | 6 | | other assets with the Texas Department of Insurance. |
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| 9 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 8 | | SECTION 1. Subchapter A, Chapter 423, Insurance Code, is |
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| 11 | 9 | | amended by adding Section 423.004 to read as follows: |
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| 12 | 10 | | Sec. 423.004. STATUTORY DEPOSITS WITH DEPARTMENT. |
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| 13 | 11 | | (a) Except as provided by Subsection (c), notwithstanding any |
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| 14 | 12 | | requirement under this code that an insurer deposit with the |
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| 15 | 13 | | comptroller money or other assets for the security of an insurer's |
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| 16 | 14 | | policyholders or creditors, including a deposit required by another |
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| 17 | 15 | | state, an insurer may deposit the required money or other assets |
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| 18 | 16 | | with the department in accordance with this section. |
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| 19 | 17 | | (b) A deposit authorized by Subsection (a): |
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| 20 | 18 | | (1) must be approved by the commissioner; |
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| 21 | 19 | | (2) is subject to any requirements applicable to the |
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| 22 | 20 | | type of deposit; |
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| 23 | 21 | | (3) must be held under the commissioner's control; and |
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| 24 | 22 | | (4) may not be substituted or withdrawn by the insurer |
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| 25 | 23 | | without the commissioner's approval. |
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| 26 | 24 | | (c) This section does not apply to any deposit made under |
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| 27 | 25 | | Chapter 406 or a deposit of fees or taxes under this code. |
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| 28 | 26 | | SECTION 2. This Act takes effect September 1, 2015. |
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| 27 | + | ______________________________ ______________________________ |
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| 28 | + | President of the Senate Speaker of the House |
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| 29 | + | I hereby certify that S.B. No. 1427 passed the Senate on |
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| 30 | + | May 8, 2015, by the following vote: Yeas 30, Nays 1. |
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| 31 | + | ______________________________ |
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| 32 | + | Secretary of the Senate |
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| 33 | + | I hereby certify that S.B. No. 1427 passed the House on |
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| 34 | + | May 19, 2015, by the following vote: Yeas 146, Nays 0, |
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| 35 | + | two present not voting. |
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| 36 | + | ______________________________ |
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| 37 | + | Chief Clerk of the House |
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| 38 | + | Approved: |
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| 39 | + | ______________________________ |
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| 40 | + | Date |
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| 41 | + | ______________________________ |
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| 42 | + | Governor |
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