1-1 By: Driver (Senate Sponsor - Shapiro) H.B. No. 2893 1-2 (In the Senate - Received from the House May 10, 1995; 1-3 May 11, 1995, read first time and referred to Committee on Economic 1-4 Development; May 26, 1995, reported favorably by the following 1-5 vote: Yeas 10, Nays 0; May 26, 1995, sent to printer.) 1-6 A BILL TO BE ENTITLED 1-7 AN ACT 1-8 relating to certain insurance benefits and annuity proceeds. 1-9 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-10 SECTION 1. Section 5, Article 21.22, Insurance Code, is 1-11 amended to read as follows: 1-12 Sec. 5. (a) Wherever any policy of insurance, annuity 1-13 contract, or plan or program of annuities and benefits mentioned in 1-14 Section 1 of this article shall contain a provision against 1-15 assignment or commutation by any beneficiary thereunder of the 1-16 money or benefits to be paid or rendered thereunder, or any rights 1-17 therein, any assignment or commutation or any attempted assignment 1-18 or commutation by such beneficiary of such money or benefits or 1-19 rights in violation of such provision shall be wholly void. 1-20 (b) Notwithstanding Subsection (a) of this section, an 1-21 assignment of the money or benefits to be paid or rendered under a 1-22 policy of insurance, annuity contract, or a plan or program of 1-23 annuities and benefits mentioned in Section 1 of this article is 1-24 valid if the assignment is: 1-25 (1) voluntary; 1-26 (2) in writing; 1-27 (3) supported by consideration; and 1-28 (4) secured by a pledge of the policy or its proceeds. 1-29 SECTION 2. The importance of this legislation and the 1-30 crowded condition of the calendars in both houses create an 1-31 emergency and an imperative public necessity that the 1-32 constitutional rule requiring bills to be read on three several 1-33 days in each house be suspended, and this rule is hereby suspended, 1-34 and that this Act take effect and be in force from and after its 1-35 passage, and it is so enacted. 1-36 * * * * *