Bill Text: TX SB801 | 2013-2014 | 83rd Legislature | Enrolled
Bill Title: Relating to security deposit requirements for certain insurance companies.
Sponsorship: Partisan Bill (Republican 2)
Status: (Passed) 2013-06-14 - Effective immediately [SB801 Detail]
Download: Texas-2013-SB801-Enrolled.html
| S.B. No. 801 | ||
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| relating to security deposit requirements for certain insurance | ||
| companies. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subsections (b) and (d), Section 861.252, | ||
| Insurance Code, are amended to read as follows: | ||
| (b) If, as a prerequisite to engaging in the business of | ||
| insurance in another state, country, or province, a general | ||
| casualty company is required to deposit with the appropriate | ||
| officer of that state, country, or province, or with the | ||
| comptroller, securities or cash [ |
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| any authorized securities or cash sufficient to meet the | ||
| requirement. The comptroller shall receive and hold the deposit | ||
| exclusively for the protection of policyholders of the company. | ||
| (d) A general casualty company may change the company's | ||
| securities on deposit with the comptroller by withdrawing those | ||
| securities and substituting an equal amount of other securities | ||
| consisting only of: | ||
| (1) United States currency; | ||
| (2) bonds of any state; | ||
| (3) bonds or other evidences of indebtedness of the | ||
| United States the principal and interest of which are guaranteed by | ||
| the United States; | ||
| (4) bonds or other interest-bearing evidences of | ||
| indebtedness of a county or municipality of any state; | ||
| (5) notes secured by first mortgages: | ||
| (A) on otherwise unencumbered real property in | ||
| this state the title to which is valid; and | ||
| (B) the payment of which is insured wholly or | ||
| partly by the United States; or | ||
| (6) another form of security acceptable to the | ||
| commissioner [ |
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| SECTION 2. Subsection (a), Section 861.252, and Section | ||
| 982.306, Insurance Code, are repealed. | ||
| 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, 2013. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I hereby certify that S.B. No. 801 passed the Senate on | ||
| March 21, 2013, by the following vote: Yeas 31, Nays 0. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| I hereby certify that S.B. No. 801 passed the House on | ||
| May 14, 2013, by the following vote: Yeas 143, Nays 0, two | ||
| present not voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| Approved: | ||
| ______________________________ | ||
| Date | ||
| ______________________________ | ||
| Governor | ||
