Law:Title 3. Department Funds, Fees, And Taxes. Subtitle C. Insurance Maintenance Taxes from Chapter 261. Texas Insurance Exchange (Texas)

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Subtitle C. Insurance Maintenance Taxes

Contents

Chapter 261. Texas Insurance Exchange

Section  261.001.  Definition.

In this chapter, "exchange" means the Texas Insurance Exchange.

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 1, eff. April 1, 2005.



Section  261.002.  Maintenance Tax Imposed. A M

aintenance tax is imposed on the gross premiums paid through the exchange and subject to taxation under Section 261.004.

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 1, eff. April 1, 2005.



Section  261.003.  Maximum Rate; Annual Adjustment. (a)

The rate of assessment set by the commissioner may not exceed one percent of the gross premiums subject to taxation under Section 261.004.

(b)  The commissioner shall annually adjust the rate of assessment of the maintenance tax so that the tax imposed that year, together with any unexpended funds produced by the tax, produces the amount the commissioner determines is necessary to pay the expenses during the succeeding year of regulating all classes of insurance specified under Chapter 2204.

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 1, eff. April 1, 2005.

Amended by:

Acts 2007, 80th Leg., R.S., Ch. 730, Sec. 2C.008, eff. April 1, 2009.



Section 261.004.  Premiums Subject To Taxation.

The exchange shall pay maintenance taxes under this chapter on the correctly reported gross premiums paid through the exchange on all classes of insurance specified under Chapter 2204.

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 1, eff. April 1, 2005.

Amended by:

Acts 2007, 80th Leg., R.S., Ch. 730, Sec. 2C.009, eff. April 1, 2009.



Section  261.005.  Maintenance Tax Due Dates.

The exchange shall pay the maintenance tax annually, semiannually, or on another periodic basis, as determined by the comptroller.

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 1, eff. April 1, 2005.


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