Petroleum Casualty Co. v. State Board of Insurance

HUGHES, Justice.

Petroleum Casualty Company, appellant, filed this suit against the State Board of Insurance and its members, the Commissioner of Insurance, the Attorney General and the State Treasurer, all of Texas, to recover an alleged overpayment of a tax on gross insurance premiums for 1965 which it paid under protest. The taxing statute is Art. 7064, Vernon’s Ann.Tex.Civ. St. The facts are stipulated. The trial court rendered judgment that appellant take nothing by its suit.

Appellant calculated and paid its 1965 gross premium tax on the basis that certain U.S. treasury bills owned by it…