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By: Howard (Senate Sponsor - Janek) H.B. No. 532
(In the Senate - Received from the House March 29, 2005;
March 30, 2005, read first time and referred to Committee on
Business and Commerce; May 2, 2005, reported favorably by the
following vote: Yeas 9, Nays 0; May 2, 2005, sent to printer.)
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.
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