State Board of Insurance v. Petroleum Casualty Co.

*667STEAKLEY, Justice.

The problem here is whether the investment by Petroleum Casualty Company, Respondent, of $454,268.37 in United States Treasury bills constitutes an investment in Texas securities as contemplated by Article 7064,1 entitling Respondent to claim, as to such investment, the tax reducing provisions of the statute in the payment of taxes on gross premiums collected during the year 1965. Respondent sued to recover taxes paid under protest to the extent of an alleged overpayment resulting from the refusal of the State Board of Insurance to recognize the Treasury bills as Texas…