Texas Insurance Codes 5.68

assessment may not exceed three-fifths of one percent of the correctly reported gross workers' compensation insurance premiums of all authorized insurers writing workers' compensation insurance in this state.

(b) For purposes of this article and Section 2.22, Texas Workers' Compensation Act (Article 8308-2.22, Vernon's Texas Civil Statutes), gross workers' compensation insurance premiums include the modified annual premium of a policyholder that purchases a deductible pursuant to Article 5.55C of this code, and the rate of assessment shall be applied to the modified annual premium prior to application of any deductible premium credit.

(c) The tax required by this article is in addition to all other taxes now imposed or that may be subsequently imposed and that are not in conflict with this article.

(d) The commissioner, after taking into account the unexpended funds produced by this tax, if any, shall adjust the rate of assessment each year to produce the amount of funds that it estimates will be necessary to pay all the expenses of regulating workers' compensation insurance during the succeeding year. In making an estimate under this subsection, the commissioner shall take into account the requirement that the general revenue fund be reimbursed under Article 4.19 of this code.

(e) The taxes collected shall be deposited in the State Treasury to the credit of the general revenue fund to be reallocated to the Texas Department of Insurance operating fund and shall be spent as authorized by legislative appropriation on warrants issued by the comptroller pursuant to duly certified requisitions of the commissioner. Amounts reallocated to the Texas Department of Insurance operating fund under this subsection may be transferred to the general revenue fund in accordance with Article 4.19 of this code.

(f) The comptroller may elect to collect on a semiannual basis the tax assessed under this article only from insurers whose tax liability under this article for the previous tax year was $2,000 or more.

(g) The commissioner shall advise the comptroller of the applicable rate of assessment no later than the date 45 days prior to the due date of the tax return for the period for which such taxes are due. If the commissioner has not advised the comptroller of the applicable rate by such date, the applicable rate shall be the rate applied in the previous tax period. If the commissioner advises the comptroller of the applicable rate of assessment after taxes have been assessed pursuant to this subsection, the comptroller shall:

(1) advise each taxpayer in writing of the amount of any additional taxes due; or

(2) refund any excess taxes paid.

Acts 1951, 52nd Leg., ch. 491. Amended by Acts 1983, 68th Leg., p. 3911, ch. 622, Sec. 16, eff. Sept. 1, 1983; Acts 1983, 68th Leg., p. 5013, ch. 902, Sec. 1, eff. Sept. 1, 1983; Acts 1993, 73rd Leg., ch. 685, Sec. 3.16, eff. Sept. 1, 1993.