By Haggerty                                           H.B. No. 2710
                                 A BILL TO BE ENTITLED
    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.