H.B. No. 532




AN ACT
relating to certain investments by title insurance companies. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Articles 4.51(5) and (13), Insurance Code, are amended to read as follows: (5) "Certified investor" means an insurance company or other person that has state premium tax liability and [, other than a title insurance company,] that contributes certified capital pursuant to an allocation of premium tax credits under this subchapter. (13) "State premium tax liability" means: (A) any liability incurred by any person under Chapter 221, 222, 223, or 224 of this code [Subchapter A of this chapter]; or (B) if the tax liability imposed under Chapter 221, 222, 223, or 224 of this code [Subchapter A of this chapter on January 1, 2003,] is eliminated or reduced, any tax liability imposed on an insurance company or other person that had premium tax liability under Subchapter A of this chapter or Article 9.59 of this code as those laws existed on January 1, 2003 [on that date]. SECTION 2. Section 2551.151, Insurance Code, as effective April 1, 2005, is amended by adding Subsection (g) to read as follows: (g) A title insurance company may invest in a certified capital company in the manner provided by Subchapter B, Chapter 4. SECTION 3. This Act takes effect September 1, 2005. ______________________________ ______________________________ President of the Senate Speaker of the House I certify that H.B. No. 532 was passed by the House on March 23, 2005, by a non-record vote. ______________________________ Chief Clerk of the House I certify that H.B. No. 532 was passed by the Senate on May 10, 2005, by the following vote: Yeas 31, Nays 0. ______________________________ Secretary of the Senate APPROVED: _____________________ Date _____________________ Governor