(a) A title insurance company is entitled to recover in its rates for the succeeding
12 months amounts paid in assessments not to exceed one percent of the company's net direct
written premiums. In promulgating or establishing rates the commissioner shall consider assessments
and refunds of assessments and shall adjust the rates to allow for recovery under
(b) Unless the department determines that all amounts paid as assessments by each
title insurance company have been recovered under Subsection (a), for any amount not
recovered the title insurance company is entitled to a credit against its premium
tax under Chapter 223. The credit may be taken at a rate of 20 percent each year for five successive years
following the date of assessment and, if the title insurance company elects, may be
taken over an additional number of years.
(c) An amount of a tax credit allowed by this section that is unclaimed may be shown
in the title insurance company's books and records as an admitted asset for all purposes,
including an annual statement under Section 862.001.
(d) If the association receives money related to a title insurance company receivership
from any source, including payment of a claim made by the association against the
estate of the title insurance company, that is in excess of the amount title insurance
companies have recovered or are entitled to recover under this section, the excess
money shall be held by the association in its title account to offset the amounts
required for future assessments or administrative expenses of the association.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.