By: Lucio S.B. No. 1524 97S0751/1 A BILL TO BE ENTITLED AN ACT 1-1 relating to the assignment of property and casualty insurance 1-2 guaranty fund assessment credits. 1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-4 SECTION 1. Section 21, Article 21.28-C, Insurance Code, is 1-5 amended to read as follows: 1-6 Sec. 21. RECOGNITION OF ASSESSMENTS IN PREMIUM TAX OFFSET. 1-7 One hundred percent of any assessment paid by an insurer under this 1-8 Act shall be allowed to that insurer as a credit against its 1-9 premium tax under Article 4.10 of this code. The tax credit 1-10 referred to in this section shall be allowed at a rate of 10 1-11 percent per year for 10 successive years following the date of 1-12 assessment and, at the option of the insurer, may be taken over an 1-13 additional number of years. The balance of any tax credit not 1-14 claimed in a particular year may be reflected in the books and 1-15 records of the insurer as an admitted asset of the insurer for all 1-16 purposes, including exhibition in annual statements under Article 1-17 6.12 of this code. In the event of a merger, acquisition, total 1-18 assumption reinsurance, or an order of the commissioner approving 1-19 such assignment or transfer, any available credit against premium 1-20 tax may be transferred and assigned among or between the affected 1-21 insurers. 1-22 SECTION 2. This Act takes effect September 1, 1997. 1-23 SECTION 3. 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.