Texas Insurance Code

§ 259.003 — MAXIMUM RATE; ANNUAL ADJUSTMENT

IN § 259.003Title 3. DEPARTMENT FUNDS, FEES, SURCHARGES, AND TAXES · Part C. INSURANCE MAINTENANCE TAXES AND SURCHARGES · Ch. 259. THIRD-PARTY ADMINISTRATORS

Statute text

View on source

(a)The rate of assessment set by the commissioner may not exceed one percent of the administrative or service fees subject to taxation under Section 259.004.

(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 of regulating administrators.

Legislative history

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