1-1 By: Haggerty (Senate Sponsor - Lucio) H.B. No. 2710
1-2 (In the Senate - Received from the House May 15, 1995;
1-3 May 18, 1995, read first time and referred to Committee on Economic
1-4 Development; May 23, 1995, reported favorably by the following
1-5 vote: Yeas 10, Nays 0; May 23, 1995, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to the applicability of the Insurance Holding Company
1-9 System Regulatory Act.
1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11 SECTION 1. Section 2(r), Article 21.49-1, Insurance Code, is
1-12 amended to read as follows:
1-13 (r) Notwithstanding any other provision of this article,
1-14 this article shall not be applicable to any insurance holding
1-15 company system in which the insurer, the holding company, if any,
1-16 the subsidiaries, if any, the affiliates, if any, and each and
1-17 every other member thereof, if any, is privately owned by not more
1-18 than five (5) securityholders, each of whom is and must be an
1-19 individual or a natural person<, and the commissioner has found
1-20 that it is not necessary that such holding company system be
1-21 regulated under this article or certain provisions of this article
1-22 and has issued a total or partial exemption certificate to such
1-23 holding company which shall effect the exemption until revoked by
1-24 the commissioner>.
1-25 SECTION 2. The importance of this legislation and the
1-26 crowded condition of the calendars in both houses create an
1-27 emergency and an imperative public necessity that the
1-28 constitutional rule requiring bills to be read on three several
1-29 days in each house be suspended, and this rule is hereby suspended,
1-30 and that this Act take effect and be in force from and after its
1-31 passage, and it is so enacted.
1-32 * * * * *