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