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79R2298 PB-D

By:  Howard                                                       H.B. No. 532



A BILL TO BE ENTITLED

AN ACT

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 
subchapter.
		(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 
chapter]; or
			(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 
follows:
	(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.