(a) An annual tax is imposed on each reciprocal or interinsurance exchange that:
(1) does not file an election to be subject to the tax imposed by Chapter 221 in accordance with Section 224.003; or
(2) withdraws that election.
(b) The rate of the tax is 1.7 percent of the reciprocal or interinsurance exchange's gross premium receipts.
(c) A reciprocal or interinsurance exchange that is subject to the tax imposed by this chapter is not subject to the tax imposed by Chapter 221.
(d) Except as provided by Subsection (b), Chapter 221 applies to the imposition, computation, and administration of the tax imposed by this chapter in the same manner that Chapter 221 applies to the tax imposed by that chapter.