Bill Text: TX HB3031 | 2015-2016 | 84th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the decertification of a certified capital company.
Spectrum: Bipartisan Bill
Status: (Passed) 2015-05-21 - Effective immediately [HB3031 Detail]
Download: Texas-2015-HB3031-Comm_Sub.html
Bill Title: Relating to the decertification of a certified capital company.
Spectrum: Bipartisan Bill
Status: (Passed) 2015-05-21 - Effective immediately [HB3031 Detail]
Download: Texas-2015-HB3031-Comm_Sub.html
By: Thompson of Harris (Senate Sponsor - Hancock) | H.B. No. 3031 | |
(In the Senate - Received from the House April 27, 2015; | ||
April 27, 2015, read first time and referred to Committee on | ||
Administration; April 29, 2015, reported favorably by the | ||
following vote: Yeas 5, Nays 0; April 29, 2015, sent to printer.) | ||
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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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