Indiana § 27-6-8-15 Recoupment of assessments; tax credits

Indiana Statutes

§ 27-6-8-15 — Recoupment of assessments; tax credits

Indiana·Title 27 INSURANCE·Art. 6 REINSURANCE; INTERINSURANCE;·Ch. 8 Property and Casualty Insurance and Guaranty

(a)Member insurers, which during any preceding calendar year shall have paid one (1) or more assessments levied pursuant to section 7 of this chapter, shall be allowed a credit against premium taxes, adjusted gross income taxes, or any combination thereof upon revenue or income of member insurers which may be imposed by the state, up to twenty percent (20%) of the assessment described in section 7 of this chapter for each calendar year following the year the assessment was paid until the aggregate of all assessments paid to the guaranty association shall have been offset by either credits against such taxes or refunds from the association. The provisions herein are applicable to all assessments levied after the passage of this article.

(b)To the extent a member insurer elects not to util

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(a) Member insurers, which during any
preceding calendar year shall have paid one (1) or more assessments
levied pursuant to section 7 of this chapter, shall be allowed a credit
against premium taxes, adjusted gross income taxes, or any
combination thereof upon revenue or income of member insurers which
may be imposed by the state, up to twenty percent (20%) of the
assessment described in section 7 of this chapter for each calendar year
following the year the assessment was paid until the aggregate of all
assessments paid to the guaranty association shall have been offset by
either credits against such taxes or refunds from the association. The
provisions herein are applicable to all assessments levied after the
passage of this article.
(b) To the extent a member insurer elects not to utilize the tax
credits authorized by subsection (a), the member insurer may utilize the
provisions of subsection (c) as a secondary method of recoupment.
(c) The rates and premiums charged for insurance policies to which
this chapter applies shall include amounts sufficient to recoup a sum
equal to the amounts paid to the association by the member insurer less
any amounts returned to the member insurer by the association and the
rates shall not be deemed excessive because they contain an amount
reasonably calculated to recoup assessments paid by the member
insurer.
Formerly: Acts 1971, P.L.390, SEC.1. As amended by Acts
1977, P.L.281, SEC.9; P.L.163-1986, SEC.1; P.L.192-2002(ss),
SEC.167.