12-2624. Gross premium tax, rate, payment; deductions for cancellations and dividends.
12-2624
12-2624. Gross premium tax, rate, payment; deductions for
cancellations and dividends.
In addition to the fees required to be paid in K.S.A.
12-2622 and amendments thereto,
and as a condition precedent to the continuation of the certificate of
authority
provided in this act, all group-funded pools shall
pay
no later than 90 days after the end of each fiscal year
a tax upon the annual Kansas gross
premium collected by the pool at the rate of 1% per annum applied to the
collective premium relating to all Kansas members of the pool
for the preceding fiscal year. In the computation of the tax, all pools
shall be entitled
to deduct any annual Kansas gross premiums returned on account of cancellation
or dividends returned to members of such pools or expenditures used for
the purchase of specific and aggregate excess insurance, as provided in
subsection (h) of K.S.A. 12-2618 and amendments
thereto.
History: L. 1987, ch. 74, § 9;
L. 1991, ch. 60, § 3; May 23.