H.B. No. 532
relating to certain investments by title insurance companies.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Articles 4.51(5) and (13), Insurance Code, are
amended to read as follows:
(5) "Certified investor" means an insurance company or
other person that has state premium tax liability and [
, other than
a title insurance company,] that contributes certified capital
pursuant to an allocation of premium tax credits under this
(13) "State premium tax liability" means:
(A) any liability incurred by any person under
Chapter 221, 222, 223, or 224 of this code [ Subchapter A of this
(B) if the tax liability imposed under Chapter
221, 222, 223, or 224 of this code [ Subchapter A of this chapter on
January 1, 2003,] is eliminated or reduced, any tax liability
imposed on an insurance company or other person that had premium tax
liability under Subchapter A of this chapter or Article 9.59 of this
code as those laws existed on January 1, 2003 [ on that date].
SECTION 2. Section 2551.151, Insurance Code, as effective
April 1, 2005, is amended by adding Subsection (g) to read as
(g) A title insurance company may invest in a certified
capital company in the manner provided by Subchapter B, Chapter 4.
SECTION 3. This Act takes effect September 1, 2005.
President of the Senate Speaker of the House
I certify that H.B. No. 532 was passed by the House on March
23, 2005, by a non-record vote.
Chief Clerk of the House
I certify that H.B. No. 532 was passed by the Senate on May
10, 2005, by the following vote: Yeas 31, Nays 0.
Secretary of the Senate