By: Murphy H.B. No. 3374
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the certification of a certified capital company.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter G, Chapter 228, Insurance Code, is
  amended by adding Section 228.3021 to read as follows:
         Sec. 228.3021.  VOLUNTARY DECERTIFICATION OF CERTIFIED
  CAPITAL COMPANY.  (a)  The comptroller may decertify a certified
  capital company on the written request of the company, if the
  comptroller finds that the company has made qualified investments
  in an amount equal to 100 percent of the company's certified
  capital.
         (b)  The comptroller shall notify any appropriate state
  agency of a decertification of a certified capital company.
         SECTION 2.  Section 228.351, Insurance Code, is amended by
  adding Subsection (f) to read as follows:
         (f)  This subchapter does not authorize the recapture and
  forfeiture of premium tax credits following voluntary
  decertification of a certified capital company under Section
  228.3021.
         SECTION 3.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution.  If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2011.