By Pitts                                              H.B. No. 2753
       74R5667 DLF-F
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to sale of annuity contracts by certain persons who are
    1-3  licensed under the insurance laws and employed by financial
    1-4  institutions.
    1-5        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-6        SECTION 1.  Chapter 213, Acts of the 54th Legislature,
    1-7  Regular Session, 1955 (Article 21.07-1, Vernon's Texas Insurance
    1-8  Code), is amended by adding Section 18 to read as follows:
    1-9        Sec. 18.  ASSIGNMENT OF AGENT'S COMMISSIONS.  (a)  An
   1-10  individual who is licensed as an agent under this Act may assign
   1-11  and transfer to a financial institution compensation to be paid to
   1-12  the agent under a contract with an insurer under which the agent
   1-13  acts as the insurer's agent in the solicitation or sale of annuity
   1-14  contracts covering customers of the financial institution:
   1-15              (1)  as an employee, officer, director, or shareholder
   1-16  of the financial institution; or
   1-17              (2)  under a marketing or sales agreement between the
   1-18  agent and the financial institution.
   1-19        (b)  To the extent of any conflict with another provision of
   1-20  this Act, the Insurance Code, or another insurance law of this
   1-21  state, this section prevails.
   1-22        (c)  In this section, "financial institution" means a state
   1-23  or national bank, state or national savings association or
   1-24  corporation, or state or federal credit union.
    2-1        SECTION 2.  This Act applies only to compensation paid on or
    2-2  after the effective date of this Act to a person licensed under
    2-3  Chapter 213, Acts of the 54th Legislature, Regular Session, 1955
    2-4  (Article 21.07-1, Vernon's Texas Insurance Code).  Compensation
    2-5  paid before the effective date of this Act is governed by the law
    2-6  as it existed immediately before the effective date of this Act and
    2-7  that law is continued in effect for that purpose.
    2-8        SECTION 3.  The importance of this legislation and the
    2-9  crowded condition of the calendars in both houses create an
   2-10  emergency and an imperative public necessity that the
   2-11  constitutional rule requiring bills to be read on three several
   2-12  days in each house be suspended, and this rule is hereby suspended,
   2-13  and that this Act take effect and be in force from and after its
   2-14  passage, and it is so enacted.