Bill Text: TX SB1427 | 2015-2016 | 84th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to authorizing an insurer's deposit of certain money and other assets with the Texas Department of Insurance.
Spectrum: Bipartisan Bill
Status: (Passed) 2015-05-29 - Effective on 9/1/15 [SB1427 Detail]
Download: Texas-2015-SB1427-Comm_Sub.html
Bill Title: Relating to authorizing an insurer's deposit of certain money and other assets with the Texas Department of Insurance.
Spectrum: Bipartisan Bill
Status: (Passed) 2015-05-29 - Effective on 9/1/15 [SB1427 Detail]
Download: Texas-2015-SB1427-Comm_Sub.html
By: Lucio | S.B. No. 1427 | |
(Smithee) | ||
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relating to authorizing an insurer's deposit of certain money and | ||
other assets with the Texas Department of Insurance. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter A, Chapter 423, Insurance Code, is | ||
amended by adding Section 423.004 to read as follows: | ||
Sec. 423.004. STATUTORY DEPOSITS WITH DEPARTMENT. | ||
(a) Except as provided by Subsection (c), notwithstanding any | ||
requirement under this code that an insurer deposit with the | ||
comptroller money or other assets for the security of an insurer's | ||
policyholders or creditors, including a deposit required by another | ||
state, an insurer may deposit the required money or other assets | ||
with the department in accordance with this section. | ||
(b) A deposit authorized by Subsection (a): | ||
(1) must be approved by the commissioner; | ||
(2) is subject to any requirements applicable to the | ||
type of deposit; | ||
(3) must be held under the commissioner's control; and | ||
(4) may not be substituted or withdrawn by the insurer | ||
without the commissioner's approval. | ||
(c) This section does not apply to any deposit made under | ||
Chapter 406 or a deposit of fees or taxes under this code. | ||
SECTION 2. This Act takes effect September 1, 2015. |