| 1 | 1 | | By: Hughes, et al. S.B. No. 1060 |
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| 2 | 2 | | (Oliverson) |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the adoption of political shareholder proposals by |
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| 8 | 8 | | insurers and insurer holding companies. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subtitle A, Title 6, Insurance Code, is amended |
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| 11 | 11 | | by adding Chapter 806 to read as follows: |
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| 12 | 12 | | CHAPTER 806. CONSIDERATION OF ENVIRONMENTAL, SOCIAL, OR POLITICAL |
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| 13 | 13 | | FACTORS |
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| 14 | 14 | | Sec. 806.001. DEFINITIONS. In this chapter: |
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| 15 | 15 | | (1) "Holding company" and "insurer" have the meanings |
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| 16 | 16 | | assigned by Section 823.002. |
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| 17 | 17 | | (2) "Political shareholder proposal" means a |
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| 18 | 18 | | shareholder proposal that seeks to directly or indirectly: |
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| 19 | 19 | | (A) prohibit or limit an insurer's ability to |
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| 20 | 20 | | insure risks related to the exploration, production, utilization, |
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| 21 | 21 | | transportation, sale, or manufacturing of fossil fuel-based energy |
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| 22 | 22 | | solely because the risks are related to fossil fuel-based energy; |
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| 23 | 23 | | (B) require or ask an insurer to reduce or track |
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| 24 | 24 | | greenhouse gas emissions, including the greenhouse gas emissions of |
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| 25 | 25 | | the insurer's insureds or of the entities in which the insurer |
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| 26 | 26 | | invests; or |
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| 27 | 27 | | (C) prohibit or limit an insurer's ability to |
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| 28 | 28 | | insure an entity involved in legal activity for the purpose of |
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| 29 | 29 | | achieving environmental, social, or political ends. |
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| 30 | 30 | | Sec. 806.002. POLITICAL SHAREHOLDER PROPOSALS PROHIBITED. |
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| 31 | 31 | | An insurer or holding company organized under the laws of this state |
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| 32 | 32 | | may not: |
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| 33 | 33 | | (1) include a political shareholder proposal in a |
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| 34 | 34 | | proxy statement; or |
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| 35 | 35 | | (2) implement a political shareholder proposal. |
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| 36 | 36 | | SECTION 2. This Act takes effect September 1, 2023. |
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