Insurers Lose Bid For $11M Tax Refund In Texas

Law360, New York (October 13, 2009, 4:38 PM EDT) -- Metropolitan Life Insurance Co. and several other insurers stand to lose $10.8 million following a Texas appeals court's ruling that they are not entitled to a refund of taxes they paid on insurance premiums and maintenance costs.

The opinion, issued Friday by the Court of Appeals of Texas, Third District, reversed a lower court's decision against the office of state comptroller Susan Combs, which the insurers sued over taxes they paid out in connection with the sale of life insurance policies.

MetLife, Northwestern Mutual Life Insurance...
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