Bill Text: TX HB1903 | 2023-2024 | 88th Legislature | Enrolled
Bill Title: Relating to capital stock requirements for certain insurance companies.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2023-06-13 - Effective on 9/1/23 [HB1903 Detail]
Download: Texas-2023-HB1903-Enrolled.html
H.B. No. 1903 |
|
||
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 [ |
||
its charter amended to authorize the issuance of shares without par | ||
value. [ |
||
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 [ |
||
its charter amended to authorize the issuance of shares without par | ||
value. [ |
||
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are repealed: | ||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, 2023. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I certify that H.B. No. 1903 was passed by the House on April | ||
14, 2023, by the following vote: Yeas 138, Nays 5, 2 present, not | ||
voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
I certify that H.B. No. 1903 was passed by the Senate on May | ||
24, 2023, by the following vote: Yeas 31, Nays 0. | ||
______________________________ | ||
Secretary of the Senate | ||
APPROVED: _____________________ | ||
Date | ||
_____________________ | ||
Governor |