This website will be unavailable from Thursday, May 30, 2024 at 6:00 p.m. through Monday, June 3, 2024 at 7:00 a.m. due to data center maintenance.
Amend SB 597 as follows:
(1) On page 10, between lines 13 and 14, insert the following:
Sec. 953.105. ADDITIONAL FINANCIAL SECURITY REQUIREMENTS.
(a) The executive director shall annually review:
(1) the audited financial statements of a company; and
(2) a certified statement describing the company's
reserves, if any.
(b) The statement described by Subsection (a)(2) must be
made by an actuary who is a member in good standing of the American
Academy of Actuaries.
(c) After reviewing the information described by Subsection
(a), the executive director may require a company to maintain
certain reserves in order for the company to obtain or maintain the
company's registration.
(2) On page 10, line 14, strike "953.105" and substitute
"953.106".