H.B. No. 2710
1-1 AN ACT
1-2 relating to the applicability of the Insurance Holding Company
1-3 System Regulatory Act.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 2(r), Article 21.49-1, Insurance Code, is
1-6 amended to read as follows:
1-7 (r) Notwithstanding any other provision of this article,
1-8 this article shall not be applicable to any insurance holding
1-9 company system in which the insurer, the holding company, if any,
1-10 the subsidiaries, if any, the affiliates, if any, and each and
1-11 every other member thereof, if any, is privately owned by not more
1-12 than five (5) securityholders, each of whom is and must be an
1-13 individual or a natural person<, and the commissioner has found
1-14 that it is not necessary that such holding company system be
1-15 regulated under this article or certain provisions of this article
1-16 and has issued a total or partial exemption certificate to such
1-17 holding company which shall effect the exemption until revoked by
1-18 the commissioner>.
1-19 SECTION 2. The importance of this legislation and the
1-20 crowded condition of the calendars in both houses create an
1-21 emergency and an imperative public necessity that the
1-22 constitutional rule requiring bills to be read on three several
1-23 days in each house be suspended, and this rule is hereby suspended,
2-1 and that this Act take effect and be in force from and after its
2-2 passage, and it is so enacted.