TITLE: Relating to prohibited employment of certain former commissioners of insurance and employees of the Texas Department of Insurance; creating an offense.

SUMMARY: Relating to prohibited employment of certain former commissioners of insurance and employees of the Texas Department of Insurance; creating an offense.

FULL TEXT:
AN ACT relating to prohibited employment of certain former commissioners of insurance and employees of the Texas Department of Insurance; creating an offense. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Chapter 33, Insurance Code, is amended by adding Section 33.008 to read as follows: Sec. 33.008. PROHIBITED EMPLOYMENT. (a) An individual who served as commissioner or an employee of the department commits an offense if, before the second anniversary of the date the individual ceases to serve, the individual is employed by or under contract with: (1) a company regulated by the department; (2) an affiliate of a company regulated by the department; (3) an individual or entity representing a company regulated by the department; or (4) an association of which a company regulated by the department is a member. (b) An offense under this section is a Class A misdemeanor. SECTION 2. Section 33.008, Insurance Code, as added by this Act, applies only to an individual who ceases to serve the Texas Department of Insurance on or after the effective date of this Act. SECTION 3. This Act takes effect September 1, 2019.