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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. Subsection (a), Section 823.052, Insurance Code, |
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is amended 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]. |
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(a) In this section, "ultimate controlling person" means the |
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person in an insurance holding company system who is not controlled |
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by 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 [Not
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later than the 120th day after the last day of each calendar year
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ending in a five or a zero, each registered insurer in the ultimate
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controlling person's insurance holding company system shall file a
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completely restated registration statement that consolidates all
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amendments to the most recently filed registration statement into
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that statement and contains all changes occurring since the last
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amendment was filed. The consolidated registration statement must
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be in the format that] 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. |