SRC-CTC H.B. 1495 77(R)   BILL ANALYSIS


Senate Research Center   H.B. 1495
77R9788 MXM-FBy: Farabee (Jackson)
Business & Commerce
5/10/2001
Engrossed


DIGEST AND PURPOSE 

Currently, in the event of a merger, acquisition or total assumption of
reinsurance among or between insurers, insurance premium tax credits for
guaranty fund assessments may not be transferred or assigned among or
between insurers.  H.B. 1495 allows members of the Life, Accident, Health
and Hospital Service Industry Guaranty Association to take a premium tax
credit for assessments paid to the association.   

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to a
state officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Section 13, Article 21.28-D, Insurance Code, to
authorize a member insurer to assign or transfer a credit against premium
tax to another member insurer under certain conditions. Requires each
member insurer to report, not later than November 1 or the 60th day after
the date of an assignment or transfer under this section, whichever is
later, the assignment or transfer to the comptroller on a form prescribed
by the comptroller.  Requires the member insurer to provide with the report
any documents from the commissioner of insurance that show approval of the
assignment or transfer. 

SECTION 2.  Effective date: September 1, 2001.