S.B. No. 801

	AN ACT
	relating to security deposit requirements for certain insurance
	companies.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1.  Subsections (b) and (d), Section 861.252,
	Insurance Code, are amended to read as follows:
	(b)  If, as a prerequisite to engaging in the business of
	insurance in another state, country, or province, a general
	casualty company is required to deposit with the appropriate
	officer of that state, country, or province, or with the
	comptroller, securities or cash [in excess of the deposit made
	under Subsection (a)], the company may deposit with the comptroller
	any authorized securities or cash sufficient to meet the
	requirement. The comptroller shall receive and hold the deposit
	exclusively for the protection of policyholders of the company.
	(d)  A general casualty company may change the company's
	securities on deposit with the comptroller by withdrawing those
	securities and substituting an equal amount of other securities
	consisting only of:
	(1)  United States currency;
	(2)  bonds of any state;
	(3)  bonds or other evidences of indebtedness of the
	United States the principal and interest of which are guaranteed by
	the United States;
	(4)  bonds or other interest-bearing evidences of
	indebtedness of a county or municipality of any state;
	(5)  notes secured by first mortgages:
	(A)  on otherwise unencumbered real property in
	this state the title to which is valid; and
	(B)  the payment of which is insured wholly or
	partly by the United States; or
	(6)  another form of security acceptable to the
	commissioner [authorized by Subsection (a)].
	SECTION 2.  Subsection (a), Section 861.252, and Section
	982.306, Insurance Code, are repealed.
	SECTION 3.  This Act takes effect immediately if it receives
	a vote of two-thirds of all the members elected to each house, as
	provided by Section 39, Article III, Texas Constitution.  If this
	Act does not receive the vote necessary for immediate effect, this
	Act takes effect September 1, 2013.
	______________________________	______________________________
	President of the Senate	Speaker of the House
	I hereby certify that S.B. No. 801 passed the Senate on
	March 21, 2013, by the following vote:  Yeas 31, Nays 0.
	______________________________
	Secretary of the Senate
	I hereby certify that S.B. No. 801 passed the House on
	May 14, 2013, by the following vote:  Yeas 143, Nays 0, two
	present not voting.
	______________________________
	Chief Clerk of the House
	Approved:
	______________________________
	Date
	______________________________
	Governor