§431:8-205  Insurance independentlyprocured; duty to report and pay tax.  (a)  Nothing in this part shallprohibit a person from independently procuring, continuing, or renewinginsurance from an insurer which is not authorized to transact insurance in thisState.

(b)  Each insured who in this State procures orcontinues or renews insurance with an unauthorized insurer on a risk located orto be performed in whole or in part in this State, other than insuranceprocured through a surplus lines broker pursuant to part III of this articleshall, within sixty days after the date the insurance was so procured,continued, or renewed, file a written report of the same with the commissioner,upon forms prescribed by the commissioner, showing:

(1)  The name and address of the insured or insureds;

(2)  The name and address of the insurer;

(3)  The subject of the insurance;

(4)  A general description of the coverage;

(5)  The amount of premium currently charged therefor;and

(6)  Such additional pertinent information as isreasonably requested by the commissioner.

(c)  Gross premiums charged for the insurance,less any return premiums, are subject to a tax at the rate of 4.68 per cent. At the time of filing the report required in subsection (b), the insured shallpay the tax to the commissioner.

As used in this subsection, "grosspremiums" mean the amount of the policy or coverage premium charged by theinsurer in consideration for the insurance contract.  Any charges for policy,survey, inspection, service, or similar fees or other charges added by thebroker shall not be considered part of gross premiums.

(d)  If an independently procured policy coversrisks or exposures only partially located or to be performed in this State, thetax payable shall be computed on the portion of the premium properlyattributable to the risks or exposures located or to be performed in thisState.

(e)  Delinquent taxes shall bear interest atthe rate of ten per cent per annum.

(f)  This section does not abrogate or modify,and shall not be construed or deemed to abrogate or modify, any provision ofsection 431:8-202 or any other provision of this code.

(g)  This section shall not apply to lifeinsurance, accident and health or sickness insurance, or annuities. [L 1987, c348, §15; am L 1989, c 195, §21; am L 2003, c 212, §44; am L 2006, c 154, §5]