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.