CHAPTER 261. TEXAS INSURANCE EXCHANGE - Texas Statutes

INSURANCE CODE

TITLE 3. DEPARTMENT FUNDS, FEES, AND TAXES

SUBTITLE C. INSURANCE MAINTENANCE TAXES

CHAPTER 261. TEXAS INSURANCE EXCHANGE

Sec. 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.

Sec. 261.002. MAINTENANCE TAX IMPOSED. A maintenance 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.

Sec. 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.

Sec. 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.

Sec. 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.