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A BILL TO BE ENTITLED
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AN ACT
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relating to the interests of certain holding companies in other |
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holding companies that own a repair facility. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2307.002, Occupations Code, is amended |
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by adding Subsection (e) to read as follows: |
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(e) Notwithstanding Subsection (a), a holding company, as |
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defined by Section 823.002, Insurance Code, that owns an insurer |
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may own or acquire another holding company that owns an interest in |
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a repair facility. |
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SECTION 2. The change in law made by Section 2307.002(e), |
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Occupations Code, as added by this Act, applies only to the |
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ownership or acquisition of a holding company on or after the |
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effective date of this Act. Ownership or acquisition of a holding |
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company before the effective date of this Act is governed by the law |
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in effect on the date the interest was acquired, and that law is |
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continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2015. |