§ 991.1622. Tax on independently procured insurance
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: June 30, 2011
Effective: June 30, 2011
40 P.S. § 991.1622
§ 991.1622. Tax on independently procured insurance
(a)(1) The tax provided by section 1621(a)1 is imposed upon an insured whose home state is this Commonwealth who independently procures insurance from a nonadmitted insurer or continues or renews such independently procured insurance.
(b) The insured shall, within thirty (30) days after the last day of the month in which the insurance was independently procured, continued or renewed, report the transaction on the forms and in the manner prescribed by the Department of Revenue. The report shall set forth the information required of surplus lines licensees as required in any report described under section 1621. The tax of three per centum (3%) shall be paid on the date the report is due as provided under this section. The insured shall file a copy of the report with the department upon its request.
(c) A penalty shall be imposed for failure to file the report required under this section on or before the due date in accordance with the rules of section 403(d) of the act of March 4, 1971 (P.L. 6, No. 2),2 known as the “Tax Reform Code of 1971.”
Credits
1921, May 17, P.L. 682, No. 284, art. XVI, § 1622, added 1992, Dec. 18, P.L. 1519, No. 178, § 19, effective in 120 days. Amended 2010, March 22, P.L. 147, No. 14, § 12, effective in 180 days [Sept. 20, 2010]; 2011, June 30, P.L. 194, No. 28, § 6, imd. effective.
40 P.S. § 991.1622, PA ST 40 P.S. § 991.1622
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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