379.1412. 1. Each SPLRC shall pay to the director of revenue on orbefore May first of each year a premium tax at the rate of two hundredfourteen thousandths of one percent on the first twenty million dollars ofassumed reinsurance premium, and one hundred forty-three thousandths of onepercent on the next twenty million dollars, and forty-eight thousandths ofone percent on the next twenty million dollars, and twenty-four thousandthsof one percent of each dollar thereafter. No reinsurance premium tax shallbe payable 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.
2. The premium tax imposed by subsection 1 of this section shallconstitute all taxes collectible under the laws of this state from anySPLRC, 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.
3. The annual minimum aggregate tax to be paid by a SPLRC calculatedunder subsection 1 of this section shall be seven thousand five hundreddollars, and the annual maximum aggregate tax shall be two hundred thousanddollars.
4. A SPLRC may deduct from premium taxes payable to this state, inaddition to all other credits allowed by law, application fees payableunder section 379.1359 and license fees and renewal fees payable undersection 379.1364. A deduction for fees which exceeds a SPLRC's premium taxliability for the same tax year shall not be refundable, but may be carriedforward to any subsequent tax year, not to exceed five years, until thefull deduction is claimed.
5. Every SPLRC shall, on or before February first each year, make areturn on a form provided by the director, verified by the affidavit of thecompany's president and secretary or other authorized officers, to thedirector stating the amount of all direct premiums received and assumedreinsurance premiums received, whether in cash or in notes, during the yearending on December thirty-first next preceding. Upon receipt of suchreturns, the director shall verify the same and certify the amount of taxdue from the various companies on the basis and at the rate provided inthis section, and shall certify the same to the director of revenue, on orbefore March thirty-first of each year. The director of revenue shallimmediately thereafter notify and assess each company the amount of taxdue.
6. A SPLRC failing to make returns as required by subsection 5 ofthis section, or failing to pay within the time required all taxes assessedby this section, shall be subject to the provisions of sections 148.375 and148.410, RSMo.
7. Upon receiving the taxes collected under this section from thedirector of revenue, the state treasurer shall receipt ninety percentthereof into the general revenue fund of the state and the state treasurershall place the remainder of such taxes collected to the credit of theinsurance dedicated fund established under section 374.150, RSMo, subjectto a maximum of three percent of the current fiscal year's appropriationfrom such fund, and he or she shall place the remainder of such taxescollected to the general revenue fund of the state.
379.1412. 1. Each SPLRC shall pay to the director of revenue on orbefore May first of each year a premium tax at the rate of two hundredfourteen thousandths of one percent on the first twenty million dollars ofassumed reinsurance premium, and one hundred forty-three thousandths of onepercent on the next twenty million dollars, and forty-eight thousandths ofone percent on the next twenty million dollars, and twenty-four thousandthsof one percent of each dollar thereafter. No reinsurance premium tax shallbe payable 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.
2. The premium tax imposed by subsection 1 of this section shallconstitute all taxes collectible under the laws of this state from anySPLRC, 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.
3. The annual minimum aggregate tax to be paid by a SPLRC calculatedunder subsection 1 of this section shall be seven thousand five hundreddollars, and the annual maximum aggregate tax shall be two hundred thousanddollars.
4. A SPLRC may deduct from premium taxes payable to this state, inaddition to all other credits allowed by law, application fees payableunder section 379.1359 and license fees and renewal fees payable undersection 379.1364. A deduction for fees which exceeds a SPLRC's premium taxliability for the same tax year shall not be refundable, but may be carriedforward to any subsequent tax year, not to exceed five years, until thefull deduction is claimed.
5. Every SPLRC shall, on or before February first each year, make areturn on a form provided by the director, verified by the affidavit of thecompany's president and secretary or other authorized officers, to thedirector stating the amount of all direct premiums received and assumedreinsurance premiums received, whether in cash or in notes, during the yearending on December thirty-first next preceding. Upon receipt of suchreturns, the director shall verify the same and certify the amount of taxdue from the various companies on the basis and at the rate provided inthis section, and shall certify the same to the director of revenue, on orbefore March thirty-first of each year. The director of revenue shallimmediately thereafter notify and assess each company the amount of taxdue.
6. A SPLRC failing to make returns as required by subsection 5 ofthis section, or failing to pay within the time required all taxes assessedby this section, shall be subject to the provisions of sections 148.375 and148.410, RSMo.
7. Upon receiving the taxes collected under this section from thedirector of revenue, the state treasurer shall receipt ninety percentthereof into the general revenue fund of the state and the state treasurershall place the remainder of such taxes collected to the credit of theinsurance dedicated fund established under section 374.150, RSMo, subjectto a maximum of three percent of the current fiscal year's appropriationfrom such fund, and he or she shall place the remainder of such taxescollected to the general revenue fund of the state.
379.1412. 1. Each SPLRC shall pay to the director of revenue on orbefore May first of each year a premium tax at the rate of two hundredfourteen thousandths of one percent on the first twenty million dollars ofassumed reinsurance premium, and one hundred forty-three thousandths of onepercent on the next twenty million dollars, and forty-eight thousandths ofone percent on the next twenty million dollars, and twenty-four thousandthsof one percent of each dollar thereafter. No reinsurance premium tax shallbe payable 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.
2. The premium tax imposed by subsection 1 of this section shallconstitute all taxes collectible under the laws of this state from anySPLRC, 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.
3. The annual minimum aggregate tax to be paid by a SPLRC calculatedunder subsection 1 of this section shall be seven thousand five hundreddollars, and the annual maximum aggregate tax shall be two hundred thousanddollars.
4. A SPLRC may deduct from premium taxes payable to this state, inaddition to all other credits allowed by law, application fees payableunder section 379.1359 and license fees and renewal fees payable undersection 379.1364. A deduction for fees which exceeds a SPLRC's premium taxliability for the same tax year shall not be refundable, but may be carriedforward to any subsequent tax year, not to exceed five years, until thefull deduction is claimed.
5. Every SPLRC shall, on or before February first each year, make areturn on a form provided by the director, verified by the affidavit of thecompany's president and secretary or other authorized officers, to thedirector stating the amount of all direct premiums received and assumedreinsurance premiums received, whether in cash or in notes, during the yearending on December thirty-first next preceding. Upon receipt of suchreturns, the director shall verify the same and certify the amount of taxdue from the various companies on the basis and at the rate provided inthis section, and shall certify the same to the director of revenue, on orbefore March thirty-first of each year. The director of revenue shallimmediately thereafter notify and assess each company the amount of taxdue.
6. A SPLRC failing to make returns as required by subsection 5 ofthis section, or failing to pay within the time required all taxes assessedby this section, shall be subject to the provisions of sections 148.375 and148.410, RSMo.
7. Upon receiving the taxes collected under this section from thedirector of revenue, the state treasurer shall receipt ninety percentthereof into the general revenue fund of the state and the state treasurershall place the remainder of such taxes collected to the credit of theinsurance dedicated fund established under section 374.150, RSMo, subjectto a maximum of three percent of the current fiscal year's appropriationfrom such fund, and he or she shall place the remainder of such taxescollected to the general revenue fund of the state.
