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A BILL TO BE ENTITLED
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AN ACT
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relating to registration statements filed by an insurer that is a |
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member of an insurance company holding system. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 823.052(a), Insurance Code, is amended |
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to read as follows: |
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(a) To register as required by Section 823.051, an insurer |
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must file [with the department] a registration statement with the |
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department [and a copy of the charter or articles of incorporation
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and bylaws of the insurer's holding company, each of the insurer's
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subsidiaries, and, if the commissioner considers the information
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necessary, any of the insurer's other affiliates]. |
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SECTION 2. Section 823.055, Insurance Code, is amended to |
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read as follows: |
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Sec. 823.055. ANNUAL REGISTRATION STATEMENT; SUMMARY OF |
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MATERIAL CHANGES [AMENDMENTS; CONSOLIDATION OF AMENDMENTS]. (a) |
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In this section, "ultimate controlling person" means the person in |
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an insurance holding company system who is not controlled by |
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another person. |
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(b) Not later than the 120th day after the last day of each |
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fiscal year of the ultimate controlling person, each registered |
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insurer in the ultimate controlling person's insurance holding |
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company system shall file an annual [amendment to the insurer's] |
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registration statement [filed under this subchapter to make the
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registration statement current]. |
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(c) An insurer required to file an annual registration |
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statement shall also furnish a summary of material changes from the |
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prior year's annual registration statement as specified by the |
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commissioner by rule. [Not later than the 120th day after the last
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day of each calendar year ending in a five or a zero, each
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registered insurer in the ultimate controlling person's insurance
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holding company system shall file a completely restated
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registration statement that consolidates all amendments to the most
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recently filed registration statement into that statement and
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contains all changes occurring since the last amendment was filed.
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The consolidated registration statement must be in the format that
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the commissioner adopts by rule.
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[(d) A registered insurer is not required to file an
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amendment under Subsection (b) in the year in which the insurer
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files a consolidated registration statement under Subsection (c).] |
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SECTION 3. This Act takes effect September 1, 2007. |