HERBERT R. O'CONOR, GOVERNOR. 1647

103A. (a) Every domestic insurance company subject to
taxation under this sub-title shall be entitled to credit against
the total amount of such taxes, the annual franchise tax pay-
able by it to this State under Section 144 of this Article.

(b) Every life insurance company having its home office in
this State shall, in addition, be entitled to credit against the
total amount of the taxes payable by it tinder this sub-title,
the amount of fees paid by it in the preceding1 calendar year
to the Insurance Commissioner of this State for valuing life
insurance policies, but such credit shall not exceed fifteen
per cent, of the total amount of the taxes which would have
been payable if the credits allowed by this section were not
allowed.

103B. Every insurance company subject to taxation under
this sub-title shall, on or before March 15th in each year, file
with the Department a report of the new and renewal gross
direct premiums written by it during the preceding calendar
year, and, in the case of a company issuing perpetual policies
of fire insurance, a report of the average amount of deposits
held by it during the preceding calendar year in connection
with perpetual policies of fire insurance issued on property
situated in this State and in force during such calendar year
or any part thereof. Such reports shall be in such form, and
be verified in such manner, and contain such information as
may be prescribed by regulations of the Department.

103C. The total amount of the taxes imposed by this sub-
title, as the same shall appear from the face of the report
herein required to be filed, shall be paid to the Department
at the time fixed for filing the report. All such taxes not
paid when the report is filed shall be subject to a penalty
of five per cent, and interest at the rate of one per cent,
per month from the date the report was due> In the event
additional amounts are found to be due after the report has
been filed, such amounts shall be subject to interest at six
per cent, per annum from the time the report was due until
payment is actually made to the Department.

103D. (a) As soon as practicable after each report is received,
the Department shall examine and audit it. If the amount
of tax computed by the Department shall be greater than the
amount shown on the report, the excess shall be assessed by
the Department and a notice of such assessment shall be
mailed to the insurance company filing the report. Such
assessment shall be. made within three years from the date
the report was due, except in the case of failure to file a
report or of a fraudulent report, in which case the excess may
be assessed at any time. Any insurance company dissatis-