|
|
|
|
AN ACT
|
|
relating to registration statements filed by an insurer that is a |
|
member of an insurance company holding system. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Subsection (a), Section 823.052, Insurance Code, |
|
is amended to read as follows: |
|
(a) To register as required by Section 823.051, an insurer |
|
must file [with the department] a registration statement with the |
|
department [and a copy of the charter or articles of incorporation
|
|
and bylaws of the insurer's holding company, each of the insurer's
|
|
subsidiaries, and, if the commissioner considers the information
|
|
necessary, any of the insurer's other affiliates]. |
|
SECTION 2. Section 823.055, Insurance Code, is amended to |
|
read as follows: |
|
Sec. 823.055. ANNUAL REGISTRATION STATEMENT; SUMMARY OF |
|
MATERIAL CHANGES [AMENDMENTS; CONSOLIDATION OF AMENDMENTS]. |
|
(a) In this section, "ultimate controlling person" means the |
|
person in an insurance holding company system who is not controlled |
|
by another person. |
|
(b) Not later than the 120th day after the last day of each |
|
fiscal year of the ultimate controlling person, each registered |
|
insurer in the ultimate controlling person's insurance holding |
|
company system shall file an annual [amendment to the insurer's] |
|
registration statement [filed under this subchapter to make the
|
|
registration statement current]. |
|
(c) An insurer required to file an annual registration |
|
statement shall also furnish a summary of material changes from the |
|
prior year's annual registration statement as specified by [Not
|
|
later than the 120th day after the last day of each calendar year
|
|
ending in a five or a zero, each registered insurer in the ultimate
|
|
controlling person's insurance holding company system shall file a
|
|
completely restated registration statement that consolidates all
|
|
amendments to the most recently filed registration statement into
|
|
that statement and contains all changes occurring since the last
|
|
amendment was filed. The consolidated registration statement must
|
|
be in the format that] the commissioner [adopts] by rule. |
|
[(d)
A registered insurer is not required to file an
|
|
amendment under Subsection (b) in the year in which the insurer
|
|
files a consolidated registration statement under Subsection (c).] |
|
SECTION 3. This Act takes effect September 1, 2007. |
|
|
|
|
|
|
|
|
______________________________ |
______________________________ |
|
President of the Senate |
Speaker of the House |
|
|
I hereby certify that S.B. No. 1542 passed the Senate on |
|
April 19, 2007, by the following vote: Yeas 31, Nays 0. |
|
|
|
|
______________________________ |
|
Secretary of the Senate |
|
|
I hereby certify that S.B. No. 1542 passed the House on |
|
May 9, 2007, by the following vote: Yeas 144, Nays 0, two present |
|
not voting. |
|
|
|
|
______________________________ |
|
Chief Clerk of the House |
|
|
|
|
|
Approved: |
|
|
|
______________________________ |
|
Date |
|
|
|
|
|
______________________________ |
|
Governor |