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Ch. 393
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1250
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LAWS OF MARYLAND
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Surplus Line Insurance Premium Tax Penalties - Clarification
FOR the purpose of clarifying the intent of the General Assembly
regarding Chapter 710 of the Acts of 1982, an enactment, in
pertinent part, that required surplus line insurance brokers
to pay premium taxes on a semiannual basis and that provided
for penalties on surplus line insurance taxes not paid when
due, and related generally to surplus line insurance premium
taxes; providing that the penalty and interest provisions of
§ 140 of Article 48A of the Annotated Code of Maryland apply
with respect to all notices of assessment mailed penalties
which become final on or after a certain date; and making
this Act an emergency measure generally relating to Surplus
Line Insurance Premium Tax Penalties.
BY repealing and reenacting, without amendments,
Article 48A - Insurance Code
Section 194 and 195
Annotated Code of Maryland
(1979 Replacement Volume and 1982 Supplement)
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Preamble
WHEREAS, Chapter 710 of the Acts of 1982 established a
comprehensive, revised law for the collection and payment of
surplus line insurance premium taxes, including a revised method
of calculation for penalties on surplus line insurance premium
taxes not paid when due; and
WHEREAS, The revised method of calculation for penalties on
surplus line insurance premium taxes not paid when due was
intended to make more equitable and fair the method of
calculation for penalties than that provided in the repealed law
and to make the method of calculations for penalties of the
revised law consistent with the provisions outlining penalties in
Article 81, §§ 140 through 143A, inclusive, of the Code
concerning other insurance premium taxes; and
WHEREAS, A question has arisen as to the applicability of
the revised method of calculation for penalties on surplus line
insurance premium taxes not paid when due, on or after July 1,
1982, by final order by the Insurance Commissioner or otherwise;
and
WHEREAS, It was the intent of the General Assembly that the
revised method of calculation for penalties on surplus line
insurance premium taxes not paid when due be applicable to all
penalties for which notices of assessment were mailed which
become final on or after July 1, 1982; now, therefore,
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
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