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AN ACT
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relating to authorizing an insurer's deposit of certain money and |
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other assets with the Texas Department of Insurance. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 423, Insurance Code, is |
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amended by adding Section 423.004 to read as follows: |
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Sec. 423.004. STATUTORY DEPOSITS WITH DEPARTMENT. |
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(a) Except as provided by Subsection (c), notwithstanding any |
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requirement under this code that an insurer deposit with the |
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comptroller money or other assets for the security of an insurer's |
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policyholders or creditors, including a deposit required by another |
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state, an insurer may deposit the required money or other assets |
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with the department in accordance with this section. |
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(b) A deposit authorized by Subsection (a): |
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(1) must be approved by the commissioner; |
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(2) is subject to any requirements applicable to the |
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type of deposit; |
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(3) must be held under the commissioner's control; and |
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(4) may not be substituted or withdrawn by the insurer |
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without the commissioner's approval. |
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(c) This section does not apply to any deposit made under |
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Chapter 406 or a deposit of fees or taxes under this code. |
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SECTION 2. This Act takes effect September 1, 2015. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.B. No. 1427 passed the Senate on |
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May 8, 2015, by the following vote: Yeas 30, Nays 1. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.B. No. 1427 passed the House on |
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May 19, 2015, by the following vote: Yeas 146, Nays 0, |
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two present not voting. |
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______________________________ |
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Chief Clerk of the House |
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Approved: |
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______________________________ |
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Date |
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______________________________ |
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Governor |