Texas Insurance Code - Section 226.053. Tax Imposed; Rate
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§ 226.053. TAX IMPOSED; RATE. (a) A tax is imposed on
each insured at the rate of 4.85 percent of the premium paid for the
insurance contract procured in accordance with Section
101.053(b)(4).
(b) If an insurance contract covers risks or exposures only
partially located in this state, the tax is computed on the portion
of the premium that is properly allocated to a risk or exposure
located in this state.
(c) Premiums for individual life or individual disability
insurance are not included in determining an insured's taxable
premiums.
Added by Acts 2003, 78th Leg., ch. 1274, § 1, eff. April 1, 2005.
Section: 226.001 226.002 226.003 226.004 226.005 226.051 226.052 226.053 226.054 226.055 226.056 227.001 251.001 251.002 251.003
Last modified: August 11, 2007
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