Texas Insurance Code
§ 223A.003 — TAX IMPOSED; RATE
IN § 223A.003Title 3. DEPARTMENT FUNDS, FEES, SURCHARGES, AND TAXES · Part B. INSURANCE PREMIUM TAXES · Ch. 223A. CAPTIVE INSURANCE PREMIUM TAX
Statute text
View on source(a)An annual tax is imposed on each captive insurance company that receives gross premiums subject to taxation under this chapter. The rate of the tax is one-half percent of the company's taxable premium receipts for a calendar year.
(b)Except as provided by Subsection (c), in determining a captive insurance company's taxable premium receipts, the captive insurance company shall include the total gross amounts of premiums, membership fees, assessments, dues, revenues, and other considerations for insurance written by the captive insurance company in a calendar year from any kind of insurance written by the company on each kind of property or risk without regard to the location of the property or risk.
(c)The following premium receipts are not included in determining a captive insurance company's taxable premium receipts:
(1)premium receipts received from another authorized insurer for reinsurance;
(2)returned premiums and dividends paid to policyholders; and
(3)premiums excluded by another law of this state.
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Legislative history
Added by Acts 2013, 83rd Leg., R.S., Ch. 569 (S.B. 734), Sec. 1, eff. June 14, 2013.