41-1229 TAX ON SURPLUS LINES. - Idaho Statutes

State Codes and Statutes

Statutes > Idaho > Title41 > T41ch12 > T41ch12sect41-1229

TITLE 41

INSURANCE

CHAPTER 12

UNAUTHORIZED INSURERS AND SURPLUS LINES

41-1229. Tax on surplus lines. (1) On or before the first day of March of each year each broker shall remit to the director a tax on the premiums, exclusive of sums collected to cover federal and state taxes and examination fees, on surplus line insurance subject to tax transacted by him with unauthorized insurers during the preceding calendar year as shown by his annual statement filed with the director, and at the following rates:

(a) For calendar years 2004, 2005 and 2006, beginning with the effective date of the policy, two and seventy-five hundredths percent (2.75%); and

(b) For calendar year 2007 and thereafter, beginning with the effective date of the policy, one and five-tenths percent (1.5%).

Such tax shall be in lieu of all other taxes upon such insurers with respect to the business so reported.

(2) If a surplus line policy covers risks or exposures only partially in this state, the tax so payable shall be computed upon the proportion of the premium which is properly allocable to the risks or exposures located in this state.

State Codes and Statutes

Statutes > Idaho > Title41 > T41ch12 > T41ch12sect41-1229

TITLE 41

INSURANCE

CHAPTER 12

UNAUTHORIZED INSURERS AND SURPLUS LINES

41-1229. Tax on surplus lines. (1) On or before the first day of March of each year each broker shall remit to the director a tax on the premiums, exclusive of sums collected to cover federal and state taxes and examination fees, on surplus line insurance subject to tax transacted by him with unauthorized insurers during the preceding calendar year as shown by his annual statement filed with the director, and at the following rates:

(a) For calendar years 2004, 2005 and 2006, beginning with the effective date of the policy, two and seventy-five hundredths percent (2.75%); and

(b) For calendar year 2007 and thereafter, beginning with the effective date of the policy, one and five-tenths percent (1.5%).

Such tax shall be in lieu of all other taxes upon such insurers with respect to the business so reported.

(2) If a surplus line policy covers risks or exposures only partially in this state, the tax so payable shall be computed upon the proportion of the premium which is properly allocable to the risks or exposures located in this state.

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State Codes and Statutes

Statutes > Idaho > Title41 > T41ch12 > T41ch12sect41-1229

TITLE 41

INSURANCE

CHAPTER 12

UNAUTHORIZED INSURERS AND SURPLUS LINES

41-1229. Tax on surplus lines. (1) On or before the first day of March of each year each broker shall remit to the director a tax on the premiums, exclusive of sums collected to cover federal and state taxes and examination fees, on surplus line insurance subject to tax transacted by him with unauthorized insurers during the preceding calendar year as shown by his annual statement filed with the director, and at the following rates:

(a) For calendar years 2004, 2005 and 2006, beginning with the effective date of the policy, two and seventy-five hundredths percent (2.75%); and

(b) For calendar year 2007 and thereafter, beginning with the effective date of the policy, one and five-tenths percent (1.5%).

Such tax shall be in lieu of all other taxes upon such insurers with respect to the business so reported.

(2) If a surplus line policy covers risks or exposures only partially in this state, the tax so payable shall be computed upon the proportion of the premium which is properly allocable to the risks or exposures located in this state.