STATE BOARD OF INSURANCE v. PETROLEUM CASUALTY CO.

No. B-1504.

447 S.W.2d 666 (1969)

STATE BOARD OF INSURANCE et al., Petitioners, v. PETROLEUM CASUALTY COMPANY, Respondent.

Supreme Court of Texas.

November 12, 1969.


Attorney(s) appearing for the Case

Crawford C. Martin, Atty. Gen., C. Fielding Early, Asst. Atty. Gen., Austin, for petitioner.

Frank Heard, Jr., Houston, McGinnis, Lochridge, Kilgore, Byfield, Hunter & Wilson, Lloyd Lochridge, Austin, for respondent.


STEAKLEY, 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...

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