54:18A-5.Ā  Gross contract premiums Subject to the provisions of section 6 of this act, the taxable premiums, asĀ  specified in section 3 of this act, are hereby defined to be gross contractĀ  premiums provided for by the respective policies or contracts of insurance andĀ  collected by the company, except premiums collected for reinsurance assumed andĀ  premiums collected after December 31, 1965 under policies or contracts of lifeĀ  insurance issued in connection with the funding of a pension, annuity orĀ  profit-sharing plan qualified or exempt under sections 401, 403, 404 or 501 ofĀ  the United States Internal Revenue Code as now or hereafter amended orĀ  renumbered from time to time, less, to the extent related to policies orĀ  contracts not excluded above, the sum of the following:

(a) Premiums (excluding cash surrender values) returned on policies or contracts,

(b) Dividends paid in cash, used by policyholders in payment of renewal premiums, or left on deposit with the company, and

(c) Discount on premiums paid in advance.

L.1945, c. 132, p. 490, s. 5.Ā  Amended by L.1965, c. 114, s. 4, eff. July 1, 1965.
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