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A BILL TO BE ENTITLED
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AN ACT
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relating to certain fees for valuing life insurance policies. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 202.052(a), Insurance Code, is amended |
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to read as follows: |
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(a) The department shall impose and the comptroller shall |
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collect a fee [fees] for the use of the state from each authorized |
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insurer writing a class of insurance that may be written by an |
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insurer operating under Chapter 841 for filing of the insurer's |
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annual statement. The amount of the fee [fees] may not exceed [:
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[(1) for valuing life insurance policies, and for each
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$1 million of insurance or fraction thereof $10; and
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[(2)for filing the annual statement] $500. |
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SECTION 2. Section 222.007(a), Insurance Code, is amended |
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to read as follows: |
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(a) Except as otherwise provided by this subsection, an [An] |
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insurer or health maintenance organization is entitled to a credit |
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on the amount of tax due under this chapter for all examination and |
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evaluation fees paid to this state during the calendar year for |
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which the tax is due. An insurer is not entitled to a credit on the |
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amount of tax due under this chapter for fees paid for valuing life |
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insurance policies. The limitations provided by Sections |
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803.007(1) and (2)(B) for a domestic insurance company apply to a |
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foreign insurance company. |
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SECTION 3. This Act applies to insurer liability for |
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payment of an evaluation fee on or after January 1, 2008. |
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SECTION 4. This Act takes effect September 1, 2007. |