81st Texas Legislature, Regular Session, House Bill 1476, Chapter 1275 Page: 1 of 5
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Chapter 1275 H.B. No. 1476
1 AN ACT
2 relating to capital stock and surplus requirements for certain
3 insurance companies.
4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
5 SECTION 1. Section 822.054(a), Insurance Code, is amended
6 to read as follows:
7 (a) An insurance company must have capital stock in an
8 amount of at least $2.5 [44] million and surplus in an amount of at
9 least $2.5 [-] million.
10 SECTION 2. Sections 822.212(a) and (b), Insurance Code, are
11 amended to read as follows:
12 (a) Notwithstanding Section 822.203, to engage in the kinds
13 of insurance business for which an insurance company organized
14 under this chapter holds a certificate of authority in this state,
15 an insurance company organized under this chapter that on September
16 1, 2009 [-9-], had less than the minimum amount of capital and
17 surplus required for a newly incorporated company under Section
18 822.054 must:
19 (1) not later than December 31, 2010 [2-09] , have
20 increased the amount of its capital by at least 10 [84] percent of
21 the difference between the amount of minimum capital required for a
22 newly incorporated company under Section 822.054 and the amount of
23 the company's capital on December 31, 2009 [4-4-_] ; [n4]
24 (2) not later than December 31, 2011, have increased
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Texas. Legislature. House of Representatives. 81st Texas Legislature, Regular Session, House Bill 1476, Chapter 1275, legislative document, June 19, 2009; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth148310/m1/1/?q=%22Fraser%22: accessed May 3, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.