W. Va. Code R. § 114-20-5

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-20-5 - Surplus Lines Premium Tax Annual Return and Report by Surplus Lines Licensee

5.1. If NIMA is executed, on and after the date on which NIMA is made effective in this state, each surplus lines licensee with respect to those policies where West Virginia is the home state and for which the payment of premium taxes is due shall:

5.1.a. Forward such payments and related information as required by NIMA to the Clearinghouse for deposit in the Clearinghouse account and shall send any additional information to the Commissioner as may be required by him or her as set forth on the agency website.

5.1.b. Make a quarterly tax filing on or before February 15 for the quarter ending the preceding December 31, May 15 for the quarter ending the preceding March 31, August 15 for the quarter ending the preceding June 30, and November 15 for the quarter ending the preceding September 30; and

5.1.c. Pay such fees as may be established by the Clearinghouse.

5.2. Payment of surplus lines premium taxes. -- On and after the date on which NIMA is made effective in this state, the taxes required to be paid under the provisions of this rule where West Virginia is the home state, are as follows:

5.2.a. On the portion of premium allocated to West Virginia, as determined by the Commissioner based on Annex A and Annex B of NIMA - 4.55%;

5.2.b. On the portion of the premium allocated to each signatory state, as determined by the Commissioner based on Annex A and Annex B of NIMA - the rate specified by that state, as listed in allocation tables published by the Clearinghouse; and

5.2.c. On the portion not allocated under either subdivision a or b of this subsection and therefore deemed to be allocated to non-participating states - 4.55%.

5.3. Transition periods.

5.3.a. A policy with an effective date prior to July 1, 2011, remains subject to the provisions of this rule in effect on June 30, 2011, with respect to the applicable rates, allocation, remittance and reporting.

5.3.b. A policy with an effective date on or after July 1, 2011 and which is within a period that NIMA is not in effect in this state, is subject a tax of 4.55% on all premium, which amount is payable in the manner and at such times set forth on the Commissioner's website.

5.3.c. A policy with an effective date which is within a period that NIMA is in effect in this state is subject to the provisions of subsections 5.1 and 5.2 of this section.

W. Va. Code R. § 114-20-5