§ 4167. Tax write-offs of certificates of contribution
(a) Unless a longer period has been allowed by the Commissioner, a member insurer shall at its option have the right to show a certificate of contribution as an asset in the form approved by the Commissioner pursuant to subsection 4159(g) of this title, at percentages of the original face amount approved by the Commissioner, for calendar years as follows:
(1) 100 percent for the calendar year of issuance;
(2) 80 percent for the first calendar year after the year of issuance;
(3) 60 percent for the second calendar year after the year of issuance;
(4) 40 percent for the third calendar year after the year of issuance;
(5) 20 percent for the fourth calendar year after the year of issuance;
(6) 0 percent for the fifth calendar year after the year of issuance and thereafter.
(b) The insurer may offset the amount written off by it in a calendar year under subsection (a) of this section, against its premium tax liability to this State accrued with respect to business transacted in such year.
(c) Any sums acquired by refund, pursuant to subsection 4159(f) of this title, from the Association which have theretofore been written off by contributing insurers and offset against premium taxes as provided in subsection (b) of this section, and is not then needed for purposes of this subchapter, shall be paid by the insurer to the Commissioner and by him or her deposited with the State Treasurer for credit to the General Fund. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972.)