34 TAC §3.822
The Comptroller of Public Accounts adopts new §3.822,
concerning the basis and reporting of surplus lines premium tax, the allocation
of premium for surplus lines and independently procured premium tax, and multiple
agent transactions for surplus lines insurance, without changes to the proposed
text as published in the December 22, 2000, issue of the
Texas Register
(25 TexReg 12633).
The new section provides information on the methods for allocating premium
among or between states in a multiple state surplus lines or independently
procured policy; it provides details concerning the basis of taxation for
surplus lines policies as either premium received or premium written; it provides
information on who is responsible for the payment of tax in a multiple agent
transaction; and it discusses prepayment requirements for surplus lines taxes.
Current §3.822, concerning Collection of Taxes, is being simultaneously
repealed. The new section identifies the type of insurance affected and purpose
of the rule.
No comments were received regarding adoption of the new section.
This new section is adopted under Tax Code, §111.002, which
authorizes the comptroller to prescribe, adopt, and enforce rules relating
to the administration and enforcement of Tax Code, Title 2.
The new section implements Insurance Code, Article 1.14-2, §12, and
Title 2, §101.252.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of
the Secretary of State on February 28, 2001.
TRD-200101205
Martin Cherry
Deputy General Counsel for Tax Policy and Agency Affairs
Comptroller of Public Accounts
Effective date: March 20, 2001
Proposal publication date: December 22, 2000
For further information, please call: (512) 463-4062