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                               * * * * *