<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 10-44-2 - Tax levied on premiums and consideration for annuities--Time of payment--Overpayment refund or credit--Rates. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2038642Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2038642SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2038642CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2038642Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2038642DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2038642Normal-000001 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2038642Normal-000002 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2038642Normal-000003 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2038642Normal-000004 { margin-left: 0.70in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2038642000005 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2038642SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2038642SCL-000006 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2038642Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=10-44-2"><span class="s2038642SENU">10-44-2</span></a><span xml:space="preserve" class="s2038642SENU">. </span><span class="s2038642CL">Tax levied on premiums and consideration for annuities--Time of payment--Overpayment refund or credit--Rates.</span></p><p dir="ltr" class="s2038642Normal-000000"><span class="s2038642DefaultParagraphFont">Any company doing insurance business in this state shall pay a tax at the rates specified in this section. The tax shall be paid to the Division of Insurance at the time the company files its annual statement, or, if no annual statement is required, then before March first of each year.</span></p><p dir="ltr" class="s2038642Normal-000001"><span class="s2038642DefaultParagraphFont">If, during the previous year, a company paid more than five thousand dollars in premium taxes in this state, the company shall submit payments equal to one-quarter of the previous year's premium taxes to the Division of Insurance on April thirtieth, July thirty-first, October thirty-first, and January thirty-first. The quarterly payments shall be credited against the amount due from the company at the time the company files its annual statement, or if no annual statement is required, then on March first of each year. The director of the Division of Insurance may waive the requirement in writing for quarterly payments or reduce the amount of deposit if the director finds the requirement would impose an undue premium tax on a company because of a significant decline in sales within the state. If the sum of the quarterly payments exceeds the total taxes due, the director shall credit the overpayment against subsequent amounts due or, if requested in writing at the time the company files its annual statement, refund the overpayment to the company. If the overpayment cannot be credited, there is excess remaining after the credit is taken on the annual statement, or the refund is not requested, the division may refund the amount overpaid by May first of the following year. The rates are:</span></p><p dir="ltr" class="s2038642Normal-000002"><span xml:space="preserve" class="s2038642DefaultParagraphFont">(1)    On each domestic company, two and one-half percent of premiums, except for life insurance policies, other than credit life as defined in chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-19"><span class="s2038642DefaultParagraphFont">58-19</span></a><span class="s2038642DefaultParagraphFont">, of a face amount of seven thousand dollars or less, for which the rate is one and one-fourth percent of premiums; and one and one-fourth percent of the consideration for annuity contracts. However, the rate for life insurance, annuities, and court appearance bonds shall be computed as follows:</span></p><p dir="ltr" class="s2038642Normal-000003"><span xml:space="preserve" class="s2038642DefaultParagraphFont">(a)    Two and one-half percent of premiums for a life policy on the first one hundred thousand dollars of annual premium, and eight one-hundredths of a percent for that portion of a policy's annual life premiums exceeding one hundred thousand dollars; </span></p><p dir="ltr" class="s2038642Normal-000003"><span class="s2038642DefaultParagraphFont">(b)    One and one-fourth percent of the consideration for an annuity contract on the first five hundred thousand dollars of consideration, and eight one-hundredths of a percent for that portion of the consideration on an annuity contract exceeding five hundred thousand dollars; and</span></p><p dir="ltr" class="s2038642Normal-000003"><span class="s2038642DefaultParagraphFont">(c)    One percent of premiums for court appearance bonds.</span></p><p dir="ltr" class="s2038642Normal-000004"><span class="s2038642DefaultParagraphFont">The tax also applies to premiums for insurance written on individuals residing outside this state or property located outside this state if no comparable tax is paid by the direct writing company to any other appropriate taxing authority. However, the tax applies only to premiums for insurance written after July 1, 1980, on individuals residing outside of the United States;</span></p><p dir="ltr" class="s2038642Normal-000002"><span class="s2038642DefaultParagraphFont">(2)    On each foreign company the rate shall be computed as follows:</span></p><p dir="ltr" class="s2038642Normal-000003"><span xml:space="preserve" class="s2038642DefaultParagraphFont">(a)    Two and one-half percent of premiums, except for life insurance policies, other than credit life as defined in chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-19"><span class="s2038642DefaultParagraphFont">58-19</span></a><span class="s2038642DefaultParagraphFont">, of a face amount of seven thousand dollars or less, for which the rate is one and one-fourth percent of premiums;</span></p><p dir="ltr" class="s2038642Normal-000003"><span xml:space="preserve" class="s2038642DefaultParagraphFont">(b)    Two and one-half percent of premiums for a life policy on the first one hundred thousand dollars of annual premium, and eight one-hundredths of a percent for the portion of a policy's annual life premiums exceeding one hundred thousand dollars; </span></p><p dir="ltr" class="s2038642Normal-000003"><span class="s2038642DefaultParagraphFont">(c)    One and one-fourth percent of the consideration for an annuity contract on the first five hundred thousand dollars of consideration, and eight one-hundredths of a percent for that portion of the consideration on an annuity contract exceeding five hundred thousand dollars; and</span></p><p dir="ltr" class="s2038642Normal-000003"><span class="s2038642DefaultParagraphFont">(d)    One percent of premiums for court appearance bonds;</span></p><p dir="ltr" class="s2038642Normal-000003"><span xml:space="preserve" class="s2038642000005"> </span></p><p dir="ltr" class="s2038642Normal-000002"><span class="s2038642DefaultParagraphFont">(3)    On each insurer not licensed or not authorized to do business in this state the rate shall be computed as follows:</span></p><p dir="ltr" class="s2038642Normal-000003"><span xml:space="preserve" class="s2038642DefaultParagraphFont">(a)    Two and one-half percent of premiums, except for life insurance policies, other than credit life as defined in chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-19"><span class="s2038642DefaultParagraphFont">58-19</span></a><span class="s2038642DefaultParagraphFont">, of a face amount of seven thousand dollars or less, for which the rate is one and one- fourth percent of premiums;</span></p><p dir="ltr" class="s2038642Normal-000003"><span xml:space="preserve" class="s2038642DefaultParagraphFont">(b)    Two and one-half percent of premiums for a life policy on the first one hundred thousand dollars of annual premium, and eight one-hundredths of a percent for that portion of a policy's annual life premiums exceeding one hundred thousand dollars; </span></p><p dir="ltr" class="s2038642Normal-000003"><span class="s2038642DefaultParagraphFont">(c)    One and one-fourth percent of the consideration for an annuity contract on the first five hundred thousand dollars of consideration, and eight one-hundredths of a percent for that portion of the consideration on an annuity contract exceeding five hundred thousand dollars; and</span></p><p dir="ltr" class="s2038642Normal-000003"><span class="s2038642DefaultParagraphFont">(d)    One percent of premiums for court appearance bonds;</span></p><p dir="ltr" class="s2038642Normal-000002"><span class="s2038642DefaultParagraphFont">(4)    Fourteen dollars for each insurance policy issued or renewed for workers' compensation coverage.</span></p><p dir="ltr" class="s2038642Normal-000001"><span class="s2038642DefaultParagraphFont">Revenue from subdivision (4) of this section shall be deposited in the insurance operating fund of the state treasury and is dedicated to the Department of Labor and Regulation for purposes of automating the administration of the workers' compensation law and supporting the Workers' Compensation Advisory Council.</span></p><p dir="ltr" class="s2038642Normal"><span xml:space="preserve" class="s2038642000005"> </span></p><p dir="ltr" class="s2038642Normal"><span class="s2038642SCL">Source:</span><span xml:space="preserve" class="s2038642SCL-000006"> SDC 1939, § 57.3510; SL 1939, ch 274; SL 1951, ch 456, § 2; SL 1955, ch 413; SL 1959, ch 210; SDC Supp 1960, § 57.35A02; SL 1966, ch 255; SL 1979, ch 83; SL 1980, ch 92; SL 1981, ch 99; SL 1982, ch 110, § 1; SL 1983, ch 84; SL 1986, ch 99, § 1; SL 1993, ch 97, § 1; SL 1993, ch 98, § 1; SL 1994, ch 93, § 1; SL 2001, ch 54, §§ 1, 8; SL 2002, ch 60, § 1; SL 2003, ch 245, §§ 1, 2; SL 2004, ch 91, § 1; SL 2006, ch 46, § 1; SL 2011, ch 1 (Ex. Ord. </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=11-1"><span class="s2038642SCL-000006">11-1</span></a><span class="s2038642SCL-000006">), § 33, eff. Apr. 12, 2011; SL 2011, ch 55, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 10-44-2 - Tax levied on premiums and consideration for annuities--Time of payment--Overpayment refund or credit--Rates. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2038643Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2038643SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2038643CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2038643Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2038643DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2038643000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2038643SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2038643SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2038643Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=10-44-2.1"><span class="s2038643SENU">10-44-2.1</span></a><span xml:space="preserve" class="s2038643SENU">. </span><span class="s2038643CL">Applicability of tax on premiums and consideration for annuities.</span></p><p dir="ltr" class="s2038643Normal-000000"><span xml:space="preserve" class="s2038643DefaultParagraphFont">The provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=10-44-2"><span class="s2038643DefaultParagraphFont">10-44-2</span></a><span xml:space="preserve" class="s2038643DefaultParagraphFont"> and this section shall be retroactive to July 1, 2001, and shall apply to any premium tax for any life insurance policy with an annual premium exceeding one hundred thousand dollars and to any annuity with an annual consideration exceeding five hundred thousand dollars.</span></p><p dir="ltr" class="s2038643Normal"><span xml:space="preserve" class="s2038643000001"> </span></p><p dir="ltr" class="s2038643Normal"><span class="s2038643SCL">Source:</span><span xml:space="preserve" class="s2038643SCL-000002"> SL 2006, ch 46, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 10-44-2 - Tax levied on premiums and consideration for annuities--Time of payment--Overpayment refund or credit--Rates. </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sd3284617d9ae42f0a61781098cf38b62Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sd3284617d9ae42f0a61781098cf38b62SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sd3284617d9ae42f0a61781098cf38b62CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sd3284617d9ae42f0a61781098cf38b62Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sd3284617d9ae42f0a61781098cf38b62DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sd3284617d9ae42f0a61781098cf38b62StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.sd3284617d9ae42f0a61781098cf38b62000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sd3284617d9ae42f0a61781098cf38b62NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sd3284617d9ae42f0a61781098cf38b62DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sd3284617d9ae42f0a61781098cf38b62SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD - Premium tax on travel insurance--Tax allocation and reporting."><meta property="og:description" content="SDLRC Codified Law - Premium tax on travel insurance--Tax allocation and reporting."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute="><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="sd3284617d9ae42f0a61781098cf38b62Normal"><a href="https://sdlegislature.gov/Statutes?Statute=10-44-2.2" rel="noopener"><span class="sd3284617d9ae42f0a61781098cf38b62SENU">10-44-2.2</span></a><span xml:space="preserve" class="sd3284617d9ae42f0a61781098cf38b62SENU">. </span><span class="sd3284617d9ae42f0a61781098cf38b62CL">Premium tax on travel insurance--Tax allocation and reporting.</span></p><p dir="ltr" class="sd3284617d9ae42f0a61781098cf38b62Statute"><span xml:space="preserve" class="sd3284617d9ae42f0a61781098cf38b62DefaultParagraphFont">An insurer shall pay premium tax as provided in § </span><a href="https://sdlegislature.gov/Statutes?Statute=10-44-2" rel="noopener"><span class="sd3284617d9ae42f0a61781098cf38b62DefaultParagraphFont">10-44-2</span></a><span xml:space="preserve" class="sd3284617d9ae42f0a61781098cf38b62DefaultParagraphFont"> on travel insurance premiums paid by:</span></p><p dir="ltr" class="sd3284617d9ae42f0a61781098cf38b62StatuteNumber1"><span class="sd3284617d9ae42f0a61781098cf38b62DefaultParagraphFont">(1)    An individual primary policyholder who is a resident of this state;</span></p><p dir="ltr" class="sd3284617d9ae42f0a61781098cf38b62StatuteNumber1"><span class="sd3284617d9ae42f0a61781098cf38b62DefaultParagraphFont">(2)    A primary certificate holder who is a resident of this state who elects coverage under a group travel insurance policy; or</span></p><p dir="ltr" class="sd3284617d9ae42f0a61781098cf38b62StatuteNumber1"><span class="sd3284617d9ae42f0a61781098cf38b62DefaultParagraphFont">(3)    A blanket travel insurance policyholder that is a resident in, or has its principal place of business or the principal place of business of an affiliate or subsidiary that has purchased blanket travel insurance in, this state, for eligible blanket group members, subject to any apportionment rules that apply to the insurer across multiple taxing jurisdictions or that permit the insurer to allocate premium on an apportioned basis in a reasonable and equitable manner in those jurisdictions.</span></p><p dir="ltr" class="sd3284617d9ae42f0a61781098cf38b62Statute"><span class="sd3284617d9ae42f0a61781098cf38b62DefaultParagraphFont">A travel insurer shall document the state of residence or principal place of business of the policyholder or certificate holder and report as premium only the amount allocable to travel insurance and not any amounts received for travel assistance services or cancellation fee waivers.</span></p><p dir="ltr" class="sd3284617d9ae42f0a61781098cf38b62Normal"><span xml:space="preserve" class="sd3284617d9ae42f0a61781098cf38b62000000"> </span></p><p dir="ltr" class="sd3284617d9ae42f0a61781098cf38b62NoIndent"><span xml:space="preserve" class="sd3284617d9ae42f0a61781098cf38b62DefaultParagraphFont-000001">Source: </span><span class="sd3284617d9ae42f0a61781098cf38b62SCL">SL 2022, ch 185, § 11.</span></p></div></body></html>