Bill Text: TX SB1060 | 2023-2024 | 88th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the adoption of political shareholder proposals by insurers and insurer holding companies.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Engrossed - Dead) 2023-05-23 - Placed on General State Calendar [SB1060 Detail]
Download: Texas-2023-SB1060-Comm_Sub.html
Bill Title: Relating to the adoption of political shareholder proposals by insurers and insurer holding companies.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Engrossed - Dead) 2023-05-23 - Placed on General State Calendar [SB1060 Detail]
Download: Texas-2023-SB1060-Comm_Sub.html
By: Hughes | S.B. No. 1060 | |
(In the Senate - Filed February 21, 2023; March 3, 2023, | ||
read first time and referred to Committee on State Affairs; | ||
April 5, 2023, reported adversely, with favorable Committee | ||
Substitute by the following vote: Yeas 8, Nays 2; April 5, 2023, | ||
sent to printer.) | ||
COMMITTEE SUBSTITUTE FOR S.B. No. 1060 | By: Hughes |
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relating to the adoption of political shareholder proposals by | ||
insurers and insurer holding companies. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subtitle A, Title 6, Insurance Code, is amended | ||
by adding Chapter 806 to read as follows: | ||
CHAPTER 806. CONSIDERATION OF ENVIRONMENTAL, SOCIAL, OR POLITICAL | ||
FACTORS | ||
Sec. 806.001. DEFINITIONS. In this chapter: | ||
(1) "Holding company" and "insurer" have the meanings | ||
assigned by Section 823.002. | ||
(2) "Political shareholder proposal" means a | ||
shareholder proposal that seeks to directly or indirectly: | ||
(A) prohibit or limit an insurer's ability to | ||
insure risks related to the exploration, production, utilization, | ||
transportation, sale, or manufacturing of fossil fuel-based energy | ||
solely because the risks are related to fossil fuel-based energy; | ||
(B) require or ask an insurer to reduce or track | ||
greenhouse gas emissions, including the greenhouse gas emissions of | ||
the insurer's insureds or of the entities in which the insurer | ||
invests; or | ||
(C) prohibit or limit an insurer's ability to | ||
insure an entity involved in legal activity for the purpose of | ||
achieving environmental, social, or political ends. | ||
Sec. 806.002. POLITICAL SHAREHOLDER PROPOSALS PROHIBITED. | ||
An insurer or holding company organized under the laws of this state | ||
may not: | ||
(1) include a political shareholder proposal in a | ||
proxy statement; or | ||
(2) implement a political shareholder proposal. | ||
SECTION 2. This Act takes effect September 1, 2023. | ||
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