| |
|
|
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. |