Section 26-57-616 - Time limitations for assessments, collection, and refunds(a) No assessment of any insurance premium tax levied under §§ 11-9-301 - 11-9-307, 23-75-119, 23-76-131, or this subchapter shall be made after the expiration of five (5) years from the date the tax report was required to be filed or the date the tax report was filed, whichever period expires later.(b) No amended tax report or verified claim for credit or refund of an overpayment of any insurance premium tax collected under §§ 11-9-301 - 11-9-307, 23-75-119, 23-76-131, or this subchapter shall be filed after five (5) years from the date the tax report was required to be filed or the date the tax report was filed, whichever period expires later, nor shall any credit, overpayment, or previously unclaimed offset, deduction, or other reduction be paid or allowed.(c) All usual and customary records used in the preparation of a tax report shall be maintained for a period of five (5) years after the tax report was required to be filed or was filed, whichever period expires later.