Texas Annual Statement Blank — Mutual Assessments, LMA's, Burials is a form used by Texas insurance companies to report and pay the state's taxes on the premiums they collect for insurance coverage. The form is filled out annually and comprises three parts: Mutual Assessments, LMA's, and Burials. Mutual Assessments are taxes levied on the total premiums collected by insurance companies from policyholders. These premiums are passed on to the Department of Insurance in the form of taxes which are used to fund the agency's operations. LMA's (Life Mutual Assessments) are taxes assessed on premiums collected from life insurance policies. These taxes are used to fund the state's Life and Health Insurance Guaranty Association, which provides financial protection to policyholders in the event their insurance company becomes insolvent. Burials are taxes assessed on premiums collected from burial insurance policies. These taxes are used to fund the state's Funeral and Burial Services Commission, which provides financial protection to policyholders in the event their insurance company becomes insolvent. Texas Annual Statement Blank — Mutual Assessments, LMA's, Burials must be filled out and submitted to the Department of Insurance by the due date each year. The form must include all the premiums collected in the previous year, and the taxes due must be paid in full. Failure to submit the form and/or pay the taxes due may result in penalties and/or fines.
Texas Annual Statement Blank - Mutual Assessments, LMA's, Burials
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How to fill out Texas Annual Statement Blank - Mutual Assessments, LMA's, Burials?
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