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 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.
Added by Laws 2002, c. 307, § 11, eff. Nov. 1, 2002.