(a) An insurer is entitled to a credit against the insurer’s premium tax under Chapter 221 for the total amount of an assessment paid by the insurer under this chapter.
(b) The tax credit may be taken at a rate of 10 percent each year for 10 successive years after the date of assessment. At the option of the insurer, the tax credit may be taken over an additional number of years.

(c) The balance of a tax credit not claimed in a particular year may be reflected in the books and records of the insurer as an admitted asset of the insurer for all purposes, including exhibition in an annual statement under Section 862.001.
(d) Available credit against premium tax allowed under this section may be transferred or assigned among insurers if:
(1) a merger, acquisition, or total assumption of reinsurance among the insurers occurs; or
(2) the commissioner by order approves the transfer or assignment.