taxes

Office of Public Insurance Counsel (OPIC) Assessment

Who is responsible for this assessment?

All insurers and health maintenance organizations (HMOs) that are licensed by the Texas Department of Insurance must pay this assessment to defray the costs of creating, administering and operating the Office of Public Insurance Counsel (OPIC).

Rates

• Property and casualty insurers: $.057 per policy in force in Texas at year end.
• Life, accident, and health insurers, including HMOs: $.057 per initial policy or certificate of insurance evidencing coverage under a group policy that is written for delivery and placed in force during the year and for which the initial premium is paid in full.
• Title insurers: $.057 for each owner and mortgage policy that is written for delivery in Texas during the calendar year and for which the full basic premium is charged.

Due Date

Yearly: March 1 following the end of the calendar year (for example, March 1, 2015, for policies written in 2014).

Penalties and Interest

Penalties

• If tax is paid 1-30 days after the due date, a 5 percent penalty is assessed.
• If tax is paid over 30 days after the due date, a 10 percent penalty is assessed.

Interest

• Past due taxes are charged interest beginning 61 days after the due date.
• To calculate interest on past due taxes, visit Interest Owed and Earned.

Reporting and Payment Requirements

Select the amount of taxes you paid in the preceding state fiscal year (Sept. 1 – Aug. 31) to find the reporting and payment methods to use.

Less than $500,000

Select one of these reporting methods:

• Webfile
• Tax Forms

Select one of these payment methods:

• Web Electronic Funds Transfer (EFT) or credit card via Webfile (American Express, Discover, Mastercard® and Visa)
• TEXNET
• Check

$500,000 or more

Select one of these reporting methods:

• Webfile
• Tax Forms

TEXNET is the only acceptable payment method.

Additional Resources

• Texas Department of Insurance
• All Insurance Taxes, Assessments and Fees