85R6546 BEE-F     By: Smithee H.B. No. 3202       A BILL TO BE ENTITLED   AN ACT   relating to registration statement and reporting requirements of   insurers in an insurance holding company system.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 823.054(b), Insurance Code, is amended   to read as follows:          (b)  If the amount of a single transaction or the total   amount of all transactions involving sales, purchases, exchanges,   loans or other extensions of credit, or investments is more than   [the lesser of] one-half of one percent of an insurer's admitted   assets [or five percent of an insurer's surplus,] as of December 31   of the year preceding the date of the transaction or transactions,   the transaction or transactions, respectively, are considered to be   material for purposes of this section.          SECTION 2.  Section 823.0595(a), Insurance Code, is amended   to read as follows:          (a)  The [Except as provided by Subsections (d) and (f), the]   ultimate controlling person, as defined by Section 823.055, of each   insurer required to file an annual registration shall file with the   registration an annual enterprise risk report.  The report must, to   the best of the ultimate controlling person's knowledge, identify   the material risks within the insurance holding company system that   may pose enterprise risk to the insurer.  The report must be filed   with the lead state commissioner of the insurance holding company   system, as determined by the commissioner.  In determining the lead   state commissioner, the commissioner shall consider the procedures   adopted by the National Association of Insurance Commissioners.          SECTION 3.  Sections 823.0595(d), (e), and (f), Insurance   Code, are repealed.          SECTION 4.  This Act takes effect immediately if it receives   a vote of two-thirds of all the members elected to each house, as   provided by Section 39, Article III, Texas Constitution.  If this   Act does not receive the vote necessary for immediate effect, this   Act takes effect September 1, 2017.