By Counts H.B. No. 3280 75R4893 DLF-F A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to reciprocal regulation of certain life, health, or 1-3 accident insurance companies. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Subchapter B, Chapter 3, Insurance Code, is 1-6 amended by adding Article 3.27-5 to read as follows: 1-7 Art. 3.27-5. RECIPROCAL REGULATION 1-8 Sec. 1. DEFINITIONS. In this article: 1-9 (1) "Insurance regulatory official" means the 1-10 insurance department, commissioner, director, or similar official 1-11 of another state. 1-12 (2) "Regulatory requirement or sanction" means any 1-13 regulatory requirement or other obligation of any kind imposed on 1-14 an insurance company as a condition of doing business in a state, 1-15 including a: 1-16 (A) sanction; 1-17 (B) fine; 1-18 (C) penalty; 1-19 (D) financial or deposit requirement; 1-20 (E) prohibition; or 1-21 (F) restriction. 1-22 (3) "State" includes a territory of the United States. 1-23 Sec. 2. REPORTING REQUIREMENTS. The department may not 1-24 accept an annual statement or other reporting document of an 2-1 insurance company domiciled in another state to satisfy a condition 2-2 of doing business in this state if the insurance regulatory 2-3 official of the other state does not accept: 2-4 (1) an annual statement or other reporting instrument 2-5 that is in compliance with the law of this state of a company 2-6 domiciled in this state; or 2-7 (2) any exemption from a requirement of submitting an 2-8 annual statement or other reporting instrument applicable under the 2-9 law of this state to a company domiciled in this state. 2-10 Sec. 3. RECIPROCITY. The department shall impose a 2-11 regulatory requirement or sanction on a company from another state 2-12 as a condition of doing business in this state if the insurance 2-13 regulatory official of the other state imposes, as a condition of 2-14 doing business in that other state, that regulatory requirement or 2-15 sanction on an insurance company that is domiciled in this state 2-16 and that is in compliance with the law and rules of this state. 2-17 SECTION 2. The importance of this legislation and the 2-18 crowded condition of the calendars in both houses create an 2-19 emergency and an imperative public necessity that the 2-20 constitutional rule requiring bills to be read on three several 2-21 days in each house be suspended, and this rule is hereby suspended, 2-22 and that this Act take effect and be in force from and after its 2-23 passage, and it is so enacted.