Bill Text: TX HB1903 | 2023-2024 | 88th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Comm_Sub.html
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-Comm_Sub.html
By: Smithee (Senate Sponsor - Parker) | H.B. No. 1903 | |
(In the Senate - Received from the House April 17, 2023; | ||
April 18, 2023, read first time and referred to Committee on | ||
Business & Commerce; May 19, 2023, reported favorably by the | ||
following vote: Yeas 10, Nays 0; May 19, 2023, sent to printer.) | ||
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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. [ |
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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are repealed: | ||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. | ||
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