Bill Text: TX SB1060 | 2023-2024 | 88th Legislature | Comm Sub

Texas Senate Bill 1060

Bill Title: Relating to the adoption of political shareholder proposals by insurers and insurer holding companies.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Engrossed - Dead) 2023-05-23 - Placed on General State Calendar [SB1060 Detail]

Download: Texas-2023-SB1060-Comm_Sub.html



	By: Hughes, et al.	S.B. No. 1060

	(Oliverson)


	A BILL TO BE ENTITLED
	AN ACT
	relating to the adoption of political shareholder proposals by
	insurers and insurer holding companies.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Subtitle A, Title 6, Insurance Code, is amended
	by adding Chapter 806 to read as follows:
	CHAPTER 806. CONSIDERATION OF ENVIRONMENTAL, SOCIAL, OR POLITICAL
	FACTORS
	Sec. 806.001. DEFINITIONS. In this chapter:
	(1) "Holding company" and "insurer" have the meanings
	assigned by Section 823.002.
	(2) "Political shareholder proposal" means a
	shareholder proposal that seeks to directly or indirectly:
	(A) prohibit or limit an insurer's ability to
	insure risks related to the exploration, production, utilization,
	transportation, sale, or manufacturing of fossil fuel-based energy
	solely because the risks are related to fossil fuel-based energy;
	(B) require or ask an insurer to reduce or track
	greenhouse gas emissions, including the greenhouse gas emissions of
	the insurer's insureds or of the entities in which the insurer
	invests; or
	(C) prohibit or limit an insurer's ability to
	insure an entity involved in legal activity for the purpose of
	achieving environmental, social, or political ends.
	Sec. 806.002. POLITICAL SHAREHOLDER PROPOSALS PROHIBITED.
	An insurer or holding company organized under the laws of this state
	may not:
	(1) include a political shareholder proposal in a
	proxy statement; or
	(2) implement a political shareholder proposal.
	SECTION 2. This Act takes effect September 1, 2023.