H.B. No. 3771
 
 
 
 
AN ACT
  relating to the approval of insurance companies to provide certain
  structured settlement annuity contracts.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 142.009(b), Property Code, is amended to
  read as follows:
         (b)  In approving an insurance company under Subsection
  (a)(3), the court may consider whether the company:
               (1)  holds an issuer credit [an industry] rating
  equivalent to a National Association of Insurance Commissioners
  NAIC 1 designation from a national or international [at least two of
  the following] rating agency that [organizations]:
                     (A)  has registered with the Securities and
  Exchange Commission [A. M. Best Company: A++ or A+];
                     (B)  is designated as a nationally recognized
  statistical rating organization [Duff & Phelps Credit Rating
  Company Insurance Company Claims Paying Ability Rating: AA-, AA,
  AA+, or AAA]; and
                     (C)  is on the list of Credit Rating Providers by
  the Securities Valuation Office of the National Association of
  Insurance Commissioners [Moody's Investors Service Claims Paying
  Ability Rating: Aa3, Aa2, Aa1, or aaa; or
                     [(D)     Standard & Poor's Corporation Insurer
  Claims-Paying Ability Rating: AA-, AA, AA+, or AAA];
               (2)  is an affiliate, as that term is described by
  Section 823.003, Insurance Code, of a liability insurance carrier
  involved in the suit for which the structured settlement is
  created; or
               (3)  is connected in any way to a person obligated to
  fund the structured settlement.
         SECTION 2.  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, 2019.
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.B. No. 3771 was passed by the House on May 7,
  2019, by the following vote:  Yeas 146, Nays 1, 1 present, not
  voting.
 
  ______________________________
  Chief Clerk of the House   
 
 
         I certify that H.B. No. 3771 was passed by the Senate on May
  22, 2019, by the following vote:  Yeas 31, Nays 0.
 
  ______________________________
  Secretary of the Senate    
  APPROVED:  _____________________
                     Date          
   
            _____________________
                   Governor