379.1326. 1. Each captive insurance company shall pay to thedirector of revenue, on or before May first of each year, a premium tax atthe rate of thirty-eight-hundredths of one percent on the first twentymillion dollars and two hundred eighty-five-thousandths of one percent onthe next twenty million dollars and nineteen-hundredths of one percent onthe next twenty million dollars and seventy-two-thousandths of one percenton each dollar thereafter on the direct premiums collected or contractedfor on policies or contracts of insurance written by the captive insurancecompany during the year ending December thirty-first next preceding, afterdeducting from the direct premiums subject to the tax the amounts paid topolicyholders as return premiums which shall include dividends onunabsorbed premiums or premium deposits returned or credited topolicyholders; provided, however, that no tax shall be due or payable as toconsiderations received for annuity contracts.
2. Each captive insurance company shall pay to the director ofrevenue on or before May first of each year a premium tax at the rate oftwo hundred fourteen-thousandths of one percent on the first twenty milliondollars of assumed reinsurance premium, and one hundredforty-three-thousandths of one percent on the next twenty million dollarsand forty-eight-thousandths of one percent on the next twenty milliondollars and twenty-four-thousandths of one percent of each dollarthereafter. However, no reinsurance premium tax applies to premiums forrisks or portions of risks which are subject to taxation on a direct basisunder subsection 1 of this section. No reinsurance premium tax shall bepayable in connection with the receipt of assets in exchange for theassumption of loss reserves and other liabilities of another insurer undercommon ownership and control if such transaction is part of a plan todiscontinue the operations of such other insurer, and if the intent of theparties to such transaction is to renew or maintain such business with thecaptive insurance company.
3. The annual minimum aggregate tax to be paid by a captive insurancecompany calculated under subsections 1 and 2 of this section shall be seventhousand five hundred dollars, and the annual maximum aggregate tax shallbe two hundred thousand dollars.
4. Every captive insurance company shall, on or before February firsteach year, make a return on a form provided by the director, verified bythe affidavit of the company's president and secretary or other authorizedofficers, to the director stating the amount of all direct premiumsreceived and assumed reinsurance premiums received, whether in cash or innotes, during the year ending on December thirty-first next preceding.Upon receipt of such returns, the director of the department of insurance,financial institutions and professional registration shall verify the sameand certify the amount of tax due from the various companies on the basisand at the rate provided in subsections 1 to 3 of this section, and shallcertify the same to the director of revenue, on or before Marchthirty-first of each year. The director of revenue shall immediatelythereafter notify and assess each company the amount of tax due.
5. A captive insurance company failing to make returns as required bysubsection 4 of this section or failing to pay within the time required alltaxes assessed by this section shall be subject to the provisions ofsections 148.375 and 148.410, RSMo.
6. Two or more captive insurance companies under common ownership andcontrol shall be taxed as though they were a single captive insurancecompany.
7. For the purposes of this section, "common ownership and control"shall mean:
(1) In the case of stock corporations, the direct or indirectownership of eighty percent or more of the outstanding voting stock of twoor more corporations by the same shareholder or shareholders; and
(2) In the case of mutual or nonprofit corporations, the direct orindirect ownership of eighty percent or more of the surplus and the votingpower of two or more corporations by the same member or members.
8. The tax provided for in this section shall constitute all taxescollectible under the laws of this state from any captive insurancecompany, and no other occupation tax or other taxes shall be levied orcollected from any captive insurance company by the state or any county,city, or municipality within this state, except ad valorem taxes on realand personal property used in the production of income.
9. Upon receiving the taxes collected under this section from thedirector of revenue, the state treasurer shall receipt ten percent thereofinto the insurance dedicated fund established under section 374.150, RSMo,subject to a maximum of three percent of the current fiscal year'sappropriation from such fund, and he or she shall place the remainder ofsuch taxes collected to the general revenue fund of the state.
10. The tax provided for in this section shall be calculated on anannual basis, notwithstanding policies or contracts of insurance orcontracts of reinsurance issued on a multiyear basis. In the case ofmultiyear policies or contracts, the premium shall be prorated for purposesof determining the tax under this section.
11. A captive insurance company may deduct from premium taxes payableto this state, in addition to all other credits allowed by law, licensefees and renewal fees payable under section 379.1302. A deduction for feeswhich exceeds a captive insurance company's premium tax liability for thesame tax year shall not be refundable, but may be carried forward to anysubsequent tax year, not to exceed five years, until the full deduction isclaimed.
379.1326. 1. Each captive insurance company shall pay to thedirector of revenue, on or before May first of each year, a premium tax atthe rate of thirty-eight-hundredths of one percent on the first twentymillion dollars and two hundred eighty-five-thousandths of one percent onthe next twenty million dollars and nineteen-hundredths of one percent onthe next twenty million dollars and seventy-two-thousandths of one percenton each dollar thereafter on the direct premiums collected or contractedfor on policies or contracts of insurance written by the captive insurancecompany during the year ending December thirty-first next preceding, afterdeducting from the direct premiums subject to the tax the amounts paid topolicyholders as return premiums which shall include dividends onunabsorbed premiums or premium deposits returned or credited topolicyholders; provided, however, that no tax shall be due or payable as toconsiderations received for annuity contracts.
2. Each captive insurance company shall pay to the director ofrevenue on or before May first of each year a premium tax at the rate oftwo hundred fourteen-thousandths of one percent on the first twenty milliondollars of assumed reinsurance premium, and one hundredforty-three-thousandths of one percent on the next twenty million dollarsand forty-eight-thousandths of one percent on the next twenty milliondollars and twenty-four-thousandths of one percent of each dollarthereafter. However, no reinsurance premium tax applies to premiums forrisks or portions of risks which are subject to taxation on a direct basisunder subsection 1 of this section. No reinsurance premium tax shall bepayable in connection with the receipt of assets in exchange for theassumption of loss reserves and other liabilities of another insurer undercommon ownership and control if such transaction is part of a plan todiscontinue the operations of such other insurer, and if the intent of theparties to such transaction is to renew or maintain such business with thecaptive insurance company.
3. The annual minimum aggregate tax to be paid by a captive insurancecompany calculated under subsections 1 and 2 of this section shall be seventhousand five hundred dollars, and the annual maximum aggregate tax shallbe two hundred thousand dollars.
4. Every captive insurance company shall, on or before February firsteach year, make a return on a form provided by the director, verified bythe affidavit of the company's president and secretary or other authorizedofficers, to the director stating the amount of all direct premiumsreceived and assumed reinsurance premiums received, whether in cash or innotes, during the year ending on December thirty-first next preceding.Upon receipt of such returns, the director of the department of insurance,financial institutions and professional registration shall verify the sameand certify the amount of tax due from the various companies on the basisand at the rate provided in subsections 1 to 3 of this section, and shallcertify the same to the director of revenue, on or before Marchthirty-first of each year. The director of revenue shall immediatelythereafter notify and assess each company the amount of tax due.
5. A captive insurance company failing to make returns as required bysubsection 4 of this section or failing to pay within the time required alltaxes assessed by this section shall be subject to the provisions ofsections 148.375 and 148.410, RSMo.
6. Two or more captive insurance companies under common ownership andcontrol shall be taxed as though they were a single captive insurancecompany.
7. For the purposes of this section, "common ownership and control"shall mean:
(1) In the case of stock corporations, the direct or indirectownership of eighty percent or more of the outstanding voting stock of twoor more corporations by the same shareholder or shareholders; and
(2) In the case of mutual or nonprofit corporations, the direct orindirect ownership of eighty percent or more of the surplus and the votingpower of two or more corporations by the same member or members.
8. The tax provided for in this section shall constitute all taxescollectible under the laws of this state from any captive insurancecompany, and no other occupation tax or other taxes shall be levied orcollected from any captive insurance company by the state or any county,city, or municipality within this state, except ad valorem taxes on realand personal property used in the production of income.
9. Upon receiving the taxes collected under this section from thedirector of revenue, the state treasurer shall receipt ten percent thereofinto the insurance dedicated fund established under section 374.150, RSMo,subject to a maximum of three percent of the current fiscal year'sappropriation from such fund, and he or she shall place the remainder ofsuch taxes collected to the general revenue fund of the state.
10. The tax provided for in this section shall be calculated on anannual basis, notwithstanding policies or contracts of insurance orcontracts of reinsurance issued on a multiyear basis. In the case ofmultiyear policies or contracts, the premium shall be prorated for purposesof determining the tax under this section.
11. A captive insurance company may deduct from premium taxes payableto this state, in addition to all other credits allowed by law, licensefees and renewal fees payable under section 379.1302. A deduction for feeswhich exceeds a captive insurance company's premium tax liability for thesame tax year shall not be refundable, but may be carried forward to anysubsequent tax year, not to exceed five years, until the full deduction isclaimed.
379.1326. 1. Each captive insurance company shall pay to thedirector of revenue, on or before May first of each year, a premium tax atthe rate of thirty-eight-hundredths of one percent on the first twentymillion dollars and two hundred eighty-five-thousandths of one percent onthe next twenty million dollars and nineteen-hundredths of one percent onthe next twenty million dollars and seventy-two-thousandths of one percenton each dollar thereafter on the direct premiums collected or contractedfor on policies or contracts of insurance written by the captive insurancecompany during the year ending December thirty-first next preceding, afterdeducting from the direct premiums subject to the tax the amounts paid topolicyholders as return premiums which shall include dividends onunabsorbed premiums or premium deposits returned or credited topolicyholders; provided, however, that no tax shall be due or payable as toconsiderations received for annuity contracts.
2. Each captive insurance company shall pay to the director ofrevenue on or before May first of each year a premium tax at the rate oftwo hundred fourteen-thousandths of one percent on the first twenty milliondollars of assumed reinsurance premium, and one hundredforty-three-thousandths of one percent on the next twenty million dollarsand forty-eight-thousandths of one percent on the next twenty milliondollars and twenty-four-thousandths of one percent of each dollarthereafter. However, no reinsurance premium tax applies to premiums forrisks or portions of risks which are subject to taxation on a direct basisunder subsection 1 of this section. No reinsurance premium tax shall bepayable in connection with the receipt of assets in exchange for theassumption of loss reserves and other liabilities of another insurer undercommon ownership and control if such transaction is part of a plan todiscontinue the operations of such other insurer, and if the intent of theparties to such transaction is to renew or maintain such business with thecaptive insurance company.
3. The annual minimum aggregate tax to be paid by a captive insurancecompany calculated under subsections 1 and 2 of this section shall be seventhousand five hundred dollars, and the annual maximum aggregate tax shallbe two hundred thousand dollars.
4. Every captive insurance company shall, on or before February firsteach year, make a return on a form provided by the director, verified bythe affidavit of the company's president and secretary or other authorizedofficers, to the director stating the amount of all direct premiumsreceived and assumed reinsurance premiums received, whether in cash or innotes, during the year ending on December thirty-first next preceding.Upon receipt of such returns, the director of the department of insurance,financial institutions and professional registration shall verify the sameand certify the amount of tax due from the various companies on the basisand at the rate provided in subsections 1 to 3 of this section, and shallcertify the same to the director of revenue, on or before Marchthirty-first of each year. The director of revenue shall immediatelythereafter notify and assess each company the amount of tax due.
5. A captive insurance company failing to make returns as required bysubsection 4 of this section or failing to pay within the time required alltaxes assessed by this section shall be subject to the provisions ofsections 148.375 and 148.410, RSMo.
6. Two or more captive insurance companies under common ownership andcontrol shall be taxed as though they were a single captive insurancecompany.
7. For the purposes of this section, "common ownership and control"shall mean:
(1) In the case of stock corporations, the direct or indirectownership of eighty percent or more of the outstanding voting stock of twoor more corporations by the same shareholder or shareholders; and
(2) In the case of mutual or nonprofit corporations, the direct orindirect ownership of eighty percent or more of the surplus and the votingpower of two or more corporations by the same member or members.
8. The tax provided for in this section shall constitute all taxescollectible under the laws of this state from any captive insurancecompany, and no other occupation tax or other taxes shall be levied orcollected from any captive insurance company by the state or any county,city, or municipality within this state, except ad valorem taxes on realand personal property used in the production of income.
9. Upon receiving the taxes collected under this section from thedirector of revenue, the state treasurer shall receipt ten percent thereofinto the insurance dedicated fund established under section 374.150, RSMo,subject to a maximum of three percent of the current fiscal year'sappropriation from such fund, and he or she shall place the remainder ofsuch taxes collected to the general revenue fund of the state.
10. The tax provided for in this section shall be calculated on anannual basis, notwithstanding policies or contracts of insurance orcontracts of reinsurance issued on a multiyear basis. In the case ofmultiyear policies or contracts, the premium shall be prorated for purposesof determining the tax under this section.
11. A captive insurance company may deduct from premium taxes payableto this state, in addition to all other credits allowed by law, licensefees and renewal fees payable under section 379.1302. A deduction for feeswhich exceeds a captive insurance company's premium tax liability for thesame tax year shall not be refundable, but may be carried forward to anysubsequent tax year, not to exceed five years, until the full deduction isclaimed.
