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A BILL TO BE ENTITLED
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AN ACT
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relating to certain statutory insurance deposit requirements. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subsections (d) and (f), Section 406.006, |
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Insurance Code, are amended to read as follows: |
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(d) The commissioner shall issue a letter approving or an |
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order [approving or] denying an application under this section not |
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later than the 30th day after the date the department receives the |
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application. If the commissioner does not approve or deny the |
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application within that period, the application is denied. |
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(f) The comptroller may not release a deposit made under |
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this chapter, or any part of the deposit, and may not accept a |
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substitute for a deposited security unless the commissioner issues |
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a letter [an order] approving the withdrawal or substitution. |
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SECTION 2. The changes in law made by this Act apply to an |
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application for substitution or withdrawal of a deposit filed on or |
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after the effective date of this Act. An application filed before |
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the effective date of this Act is governed by the law applicable to |
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the application immediately before that date, and that law is |
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continued in effect for that purpose. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2013. |