Untitled Texas Attorney General Opinion ( 1945 )

OFFICE OF THE ATTORNEY GENERAL OF TEXAS A~USTIN ~Zonoreble George B. Butler, Chairman Boer& of Insuranoe Commissioners Austin, Texas Dear Sir: the above matters is as Pollows~ by the Fortg- nety days after arlg to SeCtiOn 4, holdm one bond and the is holding d%posits in the amount acaount of ten The Ueposits were required by this state under Artiole 4'758 in retaliation for correspon6ing requirements mad8 of Texas companies by the home atete of the various companies for the privilege of doing business there. These deposits would not have b88n required or made except for Article 4758. Honorable George B. Butler, page 2 "If your answer to the above inquiry is in the affirmative, please advise me whether after the effective date Of HOUS Bill 23 th8 depOSitI abov6 described may be returned to their l%sp80tiVe OWnarE." i;8 ooncur in your opinion that when iIouse Bill NO. 23 becomes effective, it will repeal Article 4758, Vernon's Anno- tated Civil Statutee, a8 amended* said Artiole 4758, as amended, reads es followsa Whenever, by any law in foroe without this State, an insurance corporation, fraternal benefi- olery Society or reciprooal 8xohange of thle Stat8 or agent thereof is required to make any depoeit of seouritiea thereunder for the proteotion Of pollayhol4erS or Otherwise, or to make payment for taxes, fines, penalties, oertifioates of authority, valuation Of poliolee, lio8nSe f888,Or otherwlae, or any Speoial burden ia imposed greater than is required by the lawa of this State for similar fOreigiI COrpOratiOnS or their agents, the insUranQ8 oompaaies, fraternal benefioiary aooieties and reolp- rooal exchanges of such State6 or governments ehall be and they are hereby required a8 a oondition pre- cedent to their transeoting buainees in this State, to make a like deposit for like ptirposes with the State !heaI3Ur82! of this State, and to pay to the Comfniseioner of Insuranae for taxes, rine8, peaal- ties, certificatea of authority, valuation of polioies, license fees and atherwiee a rate eqUal to auoh ohargea and payments imposed by the law4 of Suoh other State upon Similar corporations of this State and th8 agente thereof. Any oorpora- tion refueing for thirty (30) days to make payment of auoh fees or taxes as abOV8 required shall have its oartifioate of authority revoked by the Commie- Sioner of Inauranoe; provided, that insuranoe oorporatione organized Under the laws of any State or country,other than these United States ahall, as to the provisions of thiS Aot, be oonsidered oorpo- rations of that State wherein their general deposit for the benefit of their policyholders ie made." Honorable George B. Butler, page 3 It is our further opinion that after said law be- OOm8S effective, the d8pOeitS desoribed in your request may not be returned to the respective owners until the obliga- tions assumed when they were made, aa set forth in said Artiale 4758, axe satisfied, %e trust that this aatlsfaotorlly answers your inquiry. Your13 very truly, ATTOHNLY GLNLW OF TGAS BY Jas. W. Baseett 'Assistant