Texas Insurance Code - Section 221.002. Tax Imposed; Rate
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Texas Lawyer > Insurance Code > Texas Insurance Code - Section 221.002. Tax Imposed; Rate
§ 221.002. TAX IMPOSED; RATE. (a) An annual tax is
imposed on each insurer that receives gross premiums subject to
taxation under this section. The rate of the tax is 1.6 percent of
the insurer's taxable premium receipts for a calendar year.
(b) Except as provided by Subsection (c), in determining an
insurer's taxable premium receipts, the insurer shall include the
total gross amounts of premiums written by the insurer in a calendar
year from any kind of insurance written on property or risks located
in this state, including:
(1) fire insurance;
(2) ocean marine insurance;
(3) inland marine insurance;
(4) accident insurance;
(5) credit insurance;
(6) livestock insurance;
(7) fidelity insurance;
(8) guaranty insurance;
(9) surety insurance;
(10) casualty insurance;
(11) workers' compensation insurance;
(12) employers' liability insurance; and
(13) crop insurance written by a farm mutual insurance
company.
(c) The following premium receipts are not included in
determining an insurer's taxable premium receipts:
(1) premium receipts received from the business of
title insurance;
(2) premium receipts received from the business of
life insurance, personal accident insurance, life and accident
insurance, or health and accident insurance for profit, written by
a life insurance company, life and accident insurance company,
health and accident insurance company, or for mutual benefit or
protection in this state;
(3) premium receipts received from another authorized
insurer for reinsurance;
(4) returned premiums and dividends paid to
policyholders; and
(5) premiums excluded by another law of this state.
(d) In determining an insurer's taxable premium receipts,
an insurer is not entitled to a deduction for premiums paid for
reinsurance.
Added by Acts 2003, 78th Leg., ch. 1274, § 1, eff. April 1, 2005.
Section: 202.051 202.052 202.101 202.102 203.001 203.002 221.001 221.002 221.003 221.004 221.005 221.006 221.007 222.001 222.002
Last modified: August 11, 2007
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