Bill Text: TX HB3771 | 2019-2020 | 86th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the approval of insurance companies to provide certain structured settlement annuity contracts.
Spectrum: Bipartisan Bill
Status: (Passed) 2019-06-10 - Effective immediately [HB3771 Detail]
Download: Texas-2019-HB3771-Introduced.html
Bill Title: Relating to the approval of insurance companies to provide certain structured settlement annuity contracts.
Spectrum: Bipartisan Bill
Status: (Passed) 2019-06-10 - Effective immediately [HB3771 Detail]
Download: Texas-2019-HB3771-Introduced.html
By: Oliverson | H.B. No. 3771 |
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relating to the approval of insurance companies to provide certain | ||
structured settlement annuity contracts. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 142.009, Property Code, is amended by | ||
amending Subsection (b) and adding Subsection (c) to read as | ||
follows: | ||
(b) In approving an insurance company under Subsection | ||
(a)(3), the court may consider whether the company: | ||
(1) holds an issuer credit [ |
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equivalent to a NAIC 1 designation from a national or international | ||
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(A) has registered with the Securities and | ||
Exchange Commission [ |
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(B) is designated as a nationally recognized | ||
statistical rating organization [ |
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(C) is on the list of Credit Rating Providers by | ||
the Securities Valuation Office of the National Association of | ||
Insurance Commissioners [ |
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(2) is an affiliate, as that term is described by | ||
Section 823.003, Insurance Code, of a liability insurance carrier | ||
involved in the suit for which the structured settlement is | ||
created; or | ||
(3) is connected in any way to a person obligated to | ||
fund the structured settlement. | ||
(c) The presiding judge may resolve disputes regarding | ||
which company will provide the annuity contract for a structured | ||
settlement by making a determination that is in the best interests | ||
of the beneficiary of the structured settlement, taking into | ||
account factors customarily considered in making a determination | ||
under Section 141.004, Civil Practice and Remedies Code. | ||
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, 2019. |