87R8373 SCL-F
 
  By: Sanford H.B. No. 3255
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to capital stock requirements for certain insurance
  companies.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 822.056(d), Insurance Code, is amended
  to read as follows:
         (d)  The shareholders of an insurance company authorizing
  shares of stock without par value must pay a total amount of at
  least $250,000 for the shares [in good faith subscribe and pay for
  shares representing at least 50 percent of the authorized shares
  without par value] before the company is granted a charter or has
  its charter amended to authorize the issuance of shares without par
  value. [The total amount paid for the shares must be at least
  $250,000.]
         SECTION 2.  Section 841.057(c), Insurance Code, is amended
  to read as follows:
         (c)  The shareholders of an insurance company authorizing
  shares of stock without par value must pay a total amount of at
  least $250,000 for the shares [in good faith subscribe and pay for
  shares representing at least 50 percent of the authorized shares
  without par value] before the company is granted a charter or has
  its charter amended to authorize the issuance of shares without par
  value. [The total amount paid for the shares must be at least
  $250,000.]
         SECTION 3.  The following provisions of the Insurance Code
  are repealed:
               (1)  Section 822.055(d);
               (2)  Section 841.055(c); and
               (3)  Section 841.056(d).
         SECTION 4.  This Act takes effect September 1, 2021.