Bill Text: TX SB1017 | 2015-2016 | 84th Legislature | Engrossed
Bill Title: Relating to the decertification of a certified capital company.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2015-05-04 - Referred to Insurance [SB1017 Detail]
Download: Texas-2015-SB1017-Engrossed.html
By: Hancock | S.B. No. 1017 | |
(In the Senate - Filed March 6, 2015; March 11, 2015, read | ||
first time and referred to Committee on Business and Commerce; | ||
April 15, 2015, reported favorably by the following vote: Yeas 9, | ||
Nays 0; April 15, 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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