(a) A member insurer may offset against its premium tax liability to this state an assessment described in subdivision (3) of subsection (a) of Section 27-42-8 to the extent of 20 percent of the amount of such assessment for each of the five calendar years following the year in which such assessment was paid. In the event a member insurer should cease doing business, all uncredited assessments may be credited against its premium tax liability for the year it ceases doing business.
(b) Any sums acquired by refund, pursuant to subdivision (7) of subsection (a) of Section 27-42-8, from the association which have theretofore been written off by contributing insurers and offset against premium taxes as provided in subsection (a) of this section, and are not then needed for purposes of this chapter, shall be paid by the association to the commissioner and by him deposited with the State Treasurer for credit to the General Fund of this state.
Structure Code of Alabama
Chapter 42 - Insurance Guaranty Association.
Section 27-42-1 - Short Title.
Section 27-42-2 - Purpose of Chapter.
Section 27-42-3 - Applicability of Chapter.
Section 27-42-4 - Construction of Chapter.
Section 27-42-5 - Definitions.
Section 27-42-6 - Association Created; Member Insurers; Accounts.
Section 27-42-7 - Board of Directors; Selection; Vacancies; Expenses.
Section 27-42-8 - Powers and Duties.
Section 27-42-8.1 - Maximum Assessment.
Section 27-42-9 - Plan of Operation.
Section 27-42-10 - Duties and Powers of the Commissioner; Judicial Review.
Section 27-42-11 - Settlement and Payment of Claims; Recovery.
Section 27-42-12 - Exhaustion of Rights; Nonduplication of Recovery.
Section 27-42-13 - Prevention of Insolvencies; Examinations of Insurers; Reports.
Section 27-42-14 - Examination of the Association; Financial Report.
Section 27-42-15 - Tax Exemption.
Section 27-42-16 - Credits for Assessments Paid; Disposition of Refunds Previously Offset.
Section 27-42-18 - Stay of Proceedings; Access of Board to Records of Insurers.