Bill Text: TX SB1682 | 2019-2020 | 86th Legislature | Enrolled
Bill Title: Relating to establishing a contingency reserve account under the Texas Public School Employees Group Insurance Program.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Passed) 2019-06-04 - Effective immediately [SB1682 Detail]
Download: Texas-2019-SB1682-Enrolled.html
S.B. No. 1682 |
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relating to establishing a contingency reserve account under the | ||
Texas Public School Employees Group Insurance Program. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter G, Chapter 1575, Insurance Code, is | ||
amended by adding Section 1575.307 to read as follows: | ||
Sec. 1575.307. CONTINGENCY RESERVE ACCOUNT. (a) Before | ||
the first day of each state fiscal biennium, the trustee shall | ||
estimate for an average 60-day period during the biennium the | ||
expenditures from the fund anticipated for the group program, | ||
considering projected claims and administrative expenses. | ||
(b) The trustee shall place the estimated amount in a | ||
contingency reserve account to provide for adverse fluctuations in | ||
claims or administrative expenses. | ||
(c) The trustee shall include in each request for | ||
legislative appropriations to the group program the amount the | ||
trustee determines to be necessary to maintain the contingency | ||
reserve account at the level required by this section. | ||
(d) The trustee may invest and reinvest any portion of the | ||
contingency reserve account in accordance with Sections 825.103(b) | ||
and 825.301, Government Code, considering the functional need to | ||
provide for adverse fluctuations in claims or administrative | ||
expenses. | ||
(e) The interest on, earnings of, and proceeds from the sale | ||
of investments of assets in the contingency reserve account shall | ||
be credited to the account. | ||
(f) The trustee, from time to time and in amounts the | ||
trustee considers appropriate, may transfer unused money for | ||
administrative expenses to the contingency reserve account to be | ||
used by the trustee only for charges, claims, and expenses under the | ||
group program. | ||
SECTION 2. 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, 2019. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I hereby certify that S.B. No. 1682 passed the Senate on | ||
April 17, 2019, by the following vote: Yeas 31, Nays 0. | ||
______________________________ | ||
Secretary of the Senate | ||
I hereby certify that S.B. No. 1682 passed the House on | ||
May 17, 2019, by the following vote: Yeas 147, Nays 0, two | ||
present not voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
Approved: | ||
______________________________ | ||
Date | ||
______________________________ | ||
Governor |