Amend CSSB 1323, SECTION 2 as follows:
SECTION 2. Section 1111.002, Insurance Code, is amended to
read as follows:
Section 1111.002 PURPOSE; The purpose of this subchapter is
to:
(1) provide for registration of persons engaged in the
business of life or viatical settlements; [and]
(2) provide consumer protection for a person who may
sell or otherwise transfer the person's life insurance policy; and
(3) provide that the department has exclusive
jurisdiction in this state to regulate viatical settlements, other
than transactions governed by The Securities Act (Article 581-1 et
seq., Vernon's Texas Civil Statutes).