58.1-2526 - Where declarations filed and how payments made; refunding overpayments. - Virginia Statutes

§ 58.1-2526. Where declarations filed and how payments made; refundingoverpayments.

A. Every insurance company required by this article to file a declaration andmake payment of the estimated tax shall file and pay the same with theCommission. All such payments shall be deposited by the Commission into thestate treasury.

B. If any insurance company overestimates and overpays estimated tax oroverpays as a result of increased regulatory costs imposed pursuant to §38.2-1026, the Commission shall order a refund of the amount of theoverpayment to the taxpayer. The overpayment shall be refunded out of thestate treasury on the order of the Commission upon the Comptroller. TheCommission may act under this paragraph within three years from the date onwhich such overpayment was made.

(Code 1950, § 58-502.5; 1968, c. 13; 1984, c. 675; 1985, c. 221; 1999, c.571.)