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HARRY HUGHES, Governor
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1251
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Article 48A - Insurance Code
194.
(a) The premiums charged for surplus lines coverages are
subject to a premium receipts tax of 3% on all gross premiums
less any returned premiums charged for such insurance. The
surplus lines broker shall charge the insured the amount of the
tax at the time of delivery of the cover note, certificate of
insurance, policy or other initial confirmation of insurance, in
addition to the full amount of the gross premium charged by the
insurer for the insurance, provided, however, that the tax on any
unearned portion of the premium shall be returned to the
policyholder by the surplus lines broker. The surplus lines
broker is prohibited from absorbing such tax, or, as an
inducement for insurance or for any other reason, rebating all or
any part of such tax or of his commission.
(b) If the surplus lines policy covers risks or exposures
only partially in this State, the tax payable shall be computed
on the portion of the premium which is properly allocable to the
risks or exposures located in this State.
(c) This section does not apply to reinsurance or insurance
of risks referred to in § 199, nor to insurance of risks of the
State government or any of its political subdivisions.
195.
(a) On or before March 15 and September 15 each surplus
line broker shall file with the Commissioner a report of the
gross premiums charged less premiums returned for business
subject to tax done the preceding half calendar year. Reports
shall be verified in a manner prescribed by the Commissioner and
contain that information required by the Commissioner.
(b) The total amount of tax imposed by § 194(a) of this
article, and appearing on the semiannual report, shall be paid to
the Commissioner at the time fixed for filing the report.
(c) Any report, affidavit, or return required to be filed
under this subtitle shall comply with the filing requirements if
mailed and postmarked by the United States Postal Service on or
before the filing date.
(d) Surplus line brokers , WITH RESPECT TO PENALTIES WHICH
BECOME FINAL ON OR AFTER JULY 1, 1982, are subject to the
provisions outlining penalties, interest, audits, assessments,
limitations, appeals, and refunds, in Article 81, §§ 140 through
143A, inclusive, of the Code concerning insurance premium taxes.
(e) A surplus line broker shall be entitled to credit any
examination expense paid or assessed under § 33 of this article
against the total tax due.
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