74R8709 DLF-F By Driver H.B. No. 2893 A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to certain insurance benefits and annuity proceeds. 1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-4 SECTION 1. Section 5, Article 21.22, Insurance Code, is 1-5 amended to read as follows: 1-6 Sec. 5. (a) Wherever any policy of insurance, annuity 1-7 contract, or plan or program of annuities and benefits mentioned in 1-8 Section 1 of this article shall contain a provision against 1-9 assignment or commutation by any beneficiary thereunder of the 1-10 money or benefits to be paid or rendered thereunder, or any rights 1-11 therein, any assignment or commutation or any attempted assignment 1-12 or commutation by such beneficiary of such money or benefits or 1-13 rights in violation of such provision shall be wholly void. 1-14 (b) Notwithstanding Subsection (a) of this section, an 1-15 assignment of the money or benefits to be paid or rendered under a 1-16 policy of insurance, annuity contract, or a plan or program of 1-17 annuities and benefits mentioned in Section 1 of this article is 1-18 valid if the assignment is: 1-19 (1) voluntary; 1-20 (2) in writing; 1-21 (3) supported by consideration; and 1-22 (4) secured by a pledge of the policy or its proceeds. 1-23 SECTION 2. The importance of this legislation and the 2-1 crowded condition of the calendars in both houses create an 2-2 emergency and an imperative public necessity that the 2-3 constitutional rule requiring bills to be read on three several 2-4 days in each house be suspended, and this rule is hereby suspended, 2-5 and that this Act take effect and be in force from and after its 2-6 passage, and it is so enacted.