Bill Text: TX HB3255 | 2021-2022 | 87th Legislature | Engrossed
Bill Title: Relating to capital stock requirements and rate filings for certain insurance companies.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2021-05-17 - Received from the House [HB3255 Detail]
Download: Texas-2021-HB3255-Engrossed.html
By: Sanford | H.B. No. 3255 |
|
||
|
||
relating to capital stock requirements and rate filings for certain | ||
insurance companies. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 822.056(d), Insurance Code, is amended | ||
to read as follows: | ||
(d) The shareholders of an insurance company authorizing | ||
shares of stock without par value must pay a total amount of at | ||
least $250,000 for the shares [ |
||
its charter amended to authorize the issuance of shares without par | ||
value. [ |
||
SECTION 2. Section 841.057(c), Insurance Code, is amended | ||
to read as follows: | ||
(c) The shareholders of an insurance company authorizing | ||
shares of stock without par value must pay a total amount of at | ||
least $250,000 for the shares [ |
||
its charter amended to authorize the issuance of shares without par | ||
value. [ |
||
SECTION 3. Section 2251.052, Insurance Code, is amended by | ||
adding Subsection (f) to read as follows: | ||
(f) Notwithstanding Section 1953.051(a), in setting rates, | ||
an insurer writing personal or commercial automobile insurance may | ||
include in a filing made under this chapter any rating rule, rate | ||
variable, or rate classification that a county mutual insurance | ||
company has filed and implemented under this chapter. | ||
SECTION 4. The following provisions of the Insurance Code | ||
are repealed: | ||
(1) Section 822.055(d); | ||
(2) Section 841.055(c); and | ||
(3) Section 841.056(d). | ||
SECTION 5. This Act takes effect September 1, 2021. |