Chapter 463

Insurance companies may receive a tax credit for assessments paid to the Life and Health Insurance Guaranty Associations. Life and Health Insurance Guaranty Associations must return excess assessments collected from insurance companies if the association's assets are more than what is required to carry out the association's obligations. If a portion of the return assessments were written off as part of the tax credit, then the association will send that amount to the Comptroller rather than returning to the insurance company.