US Laws, Codes, Statutes & Cases

INSURANCE CODE

CHAPTER 261. TEXAS INSURANCE EXCHANGE


	§ 261.001. DEFINITION.  In this chapter, "exchange" means 
the Texas Insurance Exchange.

Added by Acts 2003, 78th Leg., ch. 1274, § 1, eff. April 1, 2005.          


	§ 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, § 1, eff. April 1, 2005.          


	§ 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 Article 1.14-3.

Added by Acts 2003, 78th Leg., ch. 1274, § 1, eff. April 1, 2005.          


	§ 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 Article 1.14-3.

Added by Acts 2003, 78th Leg., ch. 1274, § 1, eff. April 1, 2005.          


	§ 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, § 1, eff. April 1, 2005.