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.