Gross premium information in the worksheet allows companies to exclude premiums attributable to qualified pension plans, information that is not reported in the annual statements and that TDI has no way of verifying. To calculate the examination bill, examiners and actuaries submit travel vouchers, a monthly time report that summarizes hours worked at each company, and their agency monthly time sheets. The TDI financial program reconciles the hours listed in the time report with the time sheet. Once reconciled, the time report is forwarded to the accounting department, where the hourly salary rate is calculated and expenses verified. From there, time reports are sent to TDI's Information Services for data entry.
Invoices are then prepared and sent to the insurance companies.
These fees are paid directly to the Comptroller's office with the company's maintenance taxes in March. The life valuation fees are then allocated to TDI's account in the General Revenue Fund. Domestic companies are allowed to take as a credit against their premium taxes the amount of the annual overhead assessment, examination billing and life valuation fees for the year that they are paid. Companies submit their premium taxes to the Comptroller's office, so TDI must prepare and furnish a report of examination billing credits and annual overhead assessments to the Comptroller for audit and verification purposes. Domestic companies that have their books and records located outside Texas are billed the same as domestic companies with books and records in Texas.