Okla. Stat. tit. 36, § 36-625.4
This is the official text of Okla. Stat. tit. 36, § 36-625.4, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Credit against premium tax
Official statutory text
A. One hundred percent (100%) of any assessment paid by an
insurer under the Oklahoma Property and Casualty Insurance Guaranty
Association Act shall be allowed to that insurer as a credit against
its premium tax levied under Section 624 of Title 36 of the Oklahoma
Statutes. The tax credit referred to in this section shall be
Oklahoma Statutes - Title 36. Insurance Page 151
allowed at a rate of ten percent (10%) per year for ten (10)
successive years following the date of assessment and, at the option
of the insurer, may be taken over an additional number of years.
The balance of any tax credit not claimed in a particular year may
be reflected in the books and records of the insurer as an admitted
asset of the insurer for all purposes.
B. Available credit against premium tax allowed under
subsection A of this section may be transferred or assigned among or
between insurers if:
1. A merger, acquisition, or total assumption of reinsurance
among or between the insurers occurs; or
2. The Insurance Commissioner by order approves the transfer or
assignment.
insurer under the Oklahoma Property and Casualty Insurance Guaranty
Association Act shall be allowed to that insurer as a credit against
its premium tax levied under Section 624 of Title 36 of the Oklahoma
Statutes. The tax credit referred to in this section shall be
Oklahoma Statutes - Title 36. Insurance Page 151
allowed at a rate of ten percent (10%) per year for ten (10)
successive years following the date of assessment and, at the option
of the insurer, may be taken over an additional number of years.
The balance of any tax credit not claimed in a particular year may
be reflected in the books and records of the insurer as an admitted
asset of the insurer for all purposes.
B. Available credit against premium tax allowed under
subsection A of this section may be transferred or assigned among or
between insurers if:
1. A merger, acquisition, or total assumption of reinsurance
among or between the insurers occurs; or
2. The Insurance Commissioner by order approves the transfer or
assignment.
Status: in_force · Read it on the official government site
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