State Codes and Statutes
Statutes > New-york > Isc > Article-91 > 9102§ 9102. Allocation of premiums. (a) In determining the amount of direct premiums taxable in this state, all such premiums written, procured, or received in this state shall be deemed written on property or risks located or resident in this state except such premiums properly allocated and reported as taxable premiums of any other state or states. (b) (1) In determining the amount of gross premiums taxable in this state pursuant to paragraph one of subsection (d) of section two thousand one hundred eighteen of this chapter, where a placement of excess line insurance covers property or risks located or resident both in and out of this state, the sum paid to the superintendent shall be computed on that portion of the policy premium that is attributable to property or risks located or resident in this state, as determined by reference to an allocation schedule prescribed by the superintendent in a regulation. (2) If the allocation schedule does not identify a classification appropriate to the property or risk being insured, an alternative method of equitable allocation shall be used for such coverage. In that circumstance, documented evidence of the underwriting bases and other criteria used by the insurer shall be given significant weight by the superintendent. (3) The licensee shall report the method of allocation utilized in a form and in a manner prescribed by the superintendent in a regulation. Where the licensee bases the allocation on an alternative method of equitable allocation, such licensee shall provide additional information in support of the allocation as the superintendent may require. (4) If the superintendent reasonably determines that the information provided is insufficient to substantiate the method of allocation or that the method used is incorrect, the superintendent shall determine the sum to be paid in accordance with the method prescribed by the superintendent in the regulation. The superintendent's determination of the sum to be paid shall finally and irrevocably fix the tax unless, within thirty days of notification of the superintendent's determination, the licensee requests a hearing to dispute such determination. (c) (1) Any licensee who allocated the premium tax for any of the six years prior to the effective date of this subsection shall not be liable for the payment of any additional premium tax that would have been due had the licensee not allocated, unless the superintendent determines that the method of allocation was inequitable. (2) The superintendent's determination under this subsection shall be in accordance with the procedures in paragraph four of subsection (b) of this section. Documented evidence of the underwriting bases and other criteria used by the insurer shall be given significant weight by the superintendent. (3) Nothing in this subsection shall entitle a licensee to a refund of taxes previously paid.
