Bill Text: TX HB3374 | 2011-2012 | 82nd Legislature | Comm Sub
Bill Title: Relating to the voluntary decertification of a certified capital company.
Sponsorship: Moderate Partisan Bill (Republican 4-1)
Status: (Introduced - Dead) 2011-04-18 - Committee report sent to Calendars [HB3374 Detail]
Download: Texas-2011-HB3374-Comm_Sub.html
| 82R20929 TJS-F | |||
| By: Murphy | H.B. No. 3374 | ||
| Substitute the following for H.B. No. 3374: | |||
| By: Murphy | C.S.H.B. No. 3374 | ||
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| relating to the voluntary decertification of a certified capital | ||
| company. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter G, Chapter 228, Insurance Code, is | ||
| amended by adding Section 228.3021 to read as follows: | ||
| Sec. 228.3021. VOLUNTARY DECERTIFICATION OF CERTIFIED | ||
| CAPITAL COMPANY. (a) The comptroller may decertify a certified | ||
| capital company on the written request of the company, if the | ||
| comptroller finds that the company has made qualified investments | ||
| in an amount equal to 100 percent of the company's certified | ||
| capital. | ||
| (b) The comptroller shall notify any appropriate state | ||
| agency of a decertification of a certified capital company. | ||
| SECTION 2. Section 228.351, Insurance Code, is amended by | ||
| adding Subsection (f) to read as follows: | ||
| (f) This subchapter does not authorize the recapture and | ||
| forfeiture of premium tax credits following voluntary | ||
| decertification of a certified capital company under Section | ||
| 228.3021. | ||
| SECTION 3. 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, 2011. | ||
