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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 3. DEPARTMENT FUNDS, FEES, AND TAXES |
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Subtitle B. INSURANCE PREMIUM TAXES |
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Chapter 226. UNAUTHORIZED AND INDEPENDENTLY PROCURED INSURANCE PREMIUM TAX |
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Subchapter B. INDEPENDENTLY PROCURED INSURANCE PREMIUM TAX |
Sec. 226.053. TAX IMPOSED; RATE
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(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 226.052.
(b) If an independently procured insurance policy covers risks or exposures only partially located in this state and this state has not joined a cooperative agreement, reciprocal agreement, or compact with another state for the allocation of nonadmitted insurance taxes as authorized by Chapter 229, the tax is computed on the entire policy premium for any policy in which this state is the home state of the insured.
(b-1) Repealed by Acts 2011, 82nd Leg., 1st C.S., Ch. 4, Sec. 18.11(2), eff. September 28, 2011.
(c) Premiums for individual life or individual disability insurance are not included in determining an insured's taxable premiums.
(d) If this state enters into a cooperative agreement, reciprocal agreement, or compact with another state for the allocation of nonadmitted insurance taxes as authorized by Chapter 229, the tax due on multistate policies shall be allocated and reported in accordance with the agreement or compact.