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A BILL TO BE ENTITLED
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AN ACT
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relating to the certification of a certified capital company. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter G, Chapter 228, Insurance Code, is |
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amended by adding Section 228.3021 to read as follows: |
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Sec. 228.3021. VOLUNTARY DECERTIFICATION OF CERTIFIED |
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CAPITAL COMPANY. (a) The comptroller may decertify a certified |
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capital company on the written request of the company, if the |
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comptroller finds that the company has made qualified investments |
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in an amount equal to 100 percent of the company's certified |
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capital. |
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(b) The comptroller shall notify any appropriate state |
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agency of a decertification of a certified capital company. |
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SECTION 2. Section 228.351, Insurance Code, is amended by |
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adding Subsection (f) to read as follows: |
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(f) This subchapter does not authorize the recapture and |
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forfeiture of premium tax credits following voluntary |
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decertification of a certified capital company under Section |
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228.3021. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2011. |