Texas Insurance Code - Section 281.004. Retaliatory Taxes Or Other Charges, Prohibitions, And Restrictions
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§ 281.004. RETALIATORY TAXES OR OTHER CHARGES,
PROHIBITIONS, AND RESTRICTIONS. (a) The comptroller shall impose
and collect a tax or other charge or a prohibition or restriction on
a foreign insurer authorized to engage in business in this state if:
(1) the foreign insurer's state of organization by law
imposes a tax or other charge or a prohibition or restriction on a
similar domestic insurer that is or may be authorized to engage in
business in that other state; and
(2) the sum of the taxes or other charges,
prohibitions, and restrictions imposed by that other state is more
than the sum of the taxes or other charges, prohibitions, and
restrictions that this state directly imposes on the foreign
insurer.
(b) The comptroller shall impose and collect the tax or
other charge, prohibition, or restriction under Subsection (a) in
the same manner and for the same purpose as the foreign insurer's
state of organization.
(c) The sum of the taxes or other charges that this state
imposes on a foreign insurer under this subchapter may not exceed
the sum of the taxes or other charges imposed by the foreign
insurer's state of organization on a similar domestic insurer that
is or may be authorized to engage in business in that other state.
Added by Acts 2003, 78th Leg., ch. 1274, § 1, eff. April 1, 2005.
Section: 271.009 271.010 271.011 271.012 281.001 281.002 281.003 281.004 281.005 281.006 281.007 281.051 281.052 401.001 401.002
Last modified: August 11, 2007
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