§ 4-209. Premium receipts tax for unauthorized insurers
West's Annotated Code of MarylandInsuranceEffective: July 1, 2011
Effective: July 1, 2011
MD Code, Insurance, § 4-209
§ 4-209. Premium receipts tax for unauthorized insurers
(a) This section does not apply to:
(b)(1) If an unauthorized insurer effects, continues, or renews insurance on a subject resident, located, or to be performed in the State, the unauthorized insurer shall pay to the Commissioner, before March 1 of the next calendar year, a premium receipts tax of 3% of gross premiums charged for the insurance.
(ii) if the policy covers property, risks, or exposures located or to be performed both in and outside the State, the premium receipts tax shall be computed at the rate specified in paragraph (1) of this subsection only on that portion of the premium that is properly allocable to the risks located in the State.
(4) Insurance that an unauthorized insurer effects, continues, or renews on a subject resident, located, or to be performed in the State that is procured through negotiations or an application wholly or partly occurring or made in or from within or outside of the State, or for which premiums wholly or partly are remitted directly or indirectly from in or outside of the State, is deemed to be insurance procured, continued, or renewed in the State.
(c) The premium receipts tax under this section is instead of all other State taxes.
(d) If an unauthorized insurer defaults on the payment of the tax under this section, the insured shall pay the tax.
(e) If the tax is not timely paid under subsection (b) of this section, the amount of the tax due shall be increased by a penalty of:
Credits
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 2011, c. 520, § 1, eff. July 1, 2011; Acts 2011, c. 521, § 1, eff. July 1, 2011.
Formerly Art. 48A, § 208.
MD Code, Insurance, § 4-209, MD INSURANCE § 4-209
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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