58-32-44 Tax on premiums--Time for remittance--Credit to general fund.
Tax on premiums--Time for remittance--Credit to general fund.
Before the first
day of April of each year, each broker shall remit to the state treasurer, through the director of the
Division of Insurance, a tax on the premiums, exclusive of sums collected to cover federal and state
taxes and examination fees, on surplus line insurance transacted by the broker at the rate and in the
manner provided by § 10-44-2. If in any prior calendar year a broker collects and remits in excess
of five thousand dollars of surplus lines premium tax, the broker shall in the following year remit
the tax on a quarterly basis. The tax is in lieu of all other taxes upon such insurers with respect to the
business so reported. When collected, the tax shall be credited to the general fund. If the director has
entered into an agreement as provided for by § 58-32-45, taxes may be required to be remitted as
may be specified by such an agreement.
Source: SL 1966, ch 111, ch 11, § 18 (1); SL 1980, ch 360; SL 2011, ch 223, § 4.