Texas Insurance Code

§ 254.002 — MAXIMUM RATE; ANNUAL ADJUSTMENT

IN § 254.002Title 3. DEPARTMENT FUNDS, FEES, SURCHARGES, AND TAXES · Part C. INSURANCE MAINTENANCE TAXES AND SURCHARGES · Ch. 254. MOTOR VEHICLE INSURANCE

Statute text

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(a)The rate of assessment set by the commissioner may not exceed 0.2 percent of the gross premiums subject to taxation under Section 254.003.

(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 motor vehicle insurance.

Legislative history

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