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AN ACT
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relating to capital stock requirements for certain insurance |
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companies. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 822.056(d), Insurance Code, is amended |
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to read as follows: |
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(d) The shareholders of an insurance company authorizing |
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shares of stock without par value must pay a total amount of at |
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least $250,000 for the shares [in good faith subscribe and pay for |
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shares representing at least 50 percent of the authorized shares |
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without par value] before the company is granted a charter or has |
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its charter amended to authorize the issuance of shares without par |
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value. [The total amount paid for the shares must be at least |
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$250,000.] |
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SECTION 2. Section 841.057(c), Insurance Code, is amended |
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to read as follows: |
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(c) The shareholders of an insurance company authorizing |
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shares of stock without par value must pay a total amount of at |
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least $250,000 for the shares [in good faith subscribe and pay for |
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shares representing at least 50 percent of the authorized shares |
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without par value] before the company is granted a charter or has |
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its charter amended to authorize the issuance of shares without par |
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value. [The total amount paid for the shares must be at least |
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$250,000.] |
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SECTION 3. The following provisions of the Insurance Code |
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are repealed: |
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(1) Section 822.055(d); |
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(2) Section 841.055(c); and |
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(3) Section 841.056(d). |
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SECTION 4. This Act takes effect September 1, 2023. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 1903 was passed by the House on April |
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14, 2023, by the following vote: Yeas 138, Nays 5, 2 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 1903 was passed by the Senate on May |
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24, 2023, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |