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2011 SESSION

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SB 1124 Gross premiums of certain insurance; administration of tax.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Administration of gross premium tax on insurance companies.  Transfers the administration of the gross premiums on certain insurance companies from the State Corporation Commission to the Department of Taxation.  Surplus lines brokers that fail to file required reports are subject to fines and penalties.  Provisions regarding the tax on surplus lines insurance policies are effective July 1, 2011. Other provisions shall become effective for the taxable year on or after January 1, 2013.

SUMMARY AS INTRODUCED:

Memorandum of understanding between Department of Taxation and SCC. Facilitates the transfer of the administration of the gross premiums on certain insurance companies by calling for a memorandum of understanding between the Department of Taxation and the State Corporation Commission in order to transfer the responsibility for processing insurance premiums tax returns.