(a) A member insurer is entitled to show as an admitted asset a certificate of contribution in the form the commissioner approves under Section 463.156. Unless the commissioner requires a longer period, the certificate may be shown at:
(1) for the calendar year of issuance, an amount equal to the certificate’s original face value approved by the commissioner; and
(2) beginning with the year following the calendar year of issuance, an amount equal to the certificate’s original face value, reduced by 20 percent a year for each year after the year of issuance, for a period of five years.
(b) An amount written off during a calendar year under Subsection (a) shall be allowed as a credit against the member insurer’s premium tax owed for business engaged in during that year. The insurer is not required to write off in a single year an amount that exceeds the amount of premium tax owed for the business described by this subsection.

(c) The association shall pay to the commissioner, and the commissioner shall deliver to the comptroller for deposit to the credit of the general revenue fund, any amount owed as a refund from the association under Section 463.157 that was written off and used for a tax credit under this section.