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Title 3 . Commerce, Community, and Economic Development
Chapter 21 . Miscellaneous
Section 560. Quarterly premium tax payments

3 AAC 21.560. Quarterly premium tax payments

(a) An authorized insurer who pays the director $10,000 or more in one tax year under the requirements of AS 21.09.210 or AS 21.66.110 shall, in the following tax year, pay the premium tax in four payments. If required to pay premium tax in four payments, an authorized insurer shall, on or before May 31, August 31, and November 30, pay to the director one-fourth of the total annual premium tax it paid during the previous tax year, and shall, on or before March 1 of the following year, calculate its total annual tax on forms provided by the director, file the forms, and pay any balance due or request a refund or tax credit for any overpayment. However, the provisions of this subsection do not apply to the tax due on contracts described in AS 21.09.210 (d).

(b) Each surplus lines broker who pays the director $10,000 or more in one tax year under the requirements of AS 21.34.180 shall, in the following tax year, pay the premium tax in four payments by

(1) making payments as provided in (a) of this section, or

(2) making payments of the aggregate tax payable to this state shown on the monthly reports required by AS 21.34.170 for the corresponding three-month periods as follows:

Due date For payments of tax shown on monthly reports for May 31 January, February, and March August 31 April, May, and June November 30 July, August, and September March 1 October, November, and December.

(c) The director will refund an overpayment made by an authorized insurer or surplus lines broker within 60 days of receiving a refund request.

(d) If an authorized insurer or surplus lines broker required to pay premium tax in four payments under this section can demonstrate that its premium receipts for a tax year are likely to decline to a level at which it will not pay at least $10,000 in premium tax in that year, it may apply to the director for a waiver from (a) or (b) of this section. The director will, in the director's discretion, grant a waiver if the director finds that the authorized insurer or surplus lines broker will materially overpay its premium tax for the tax year unless a waiver is granted.

History: Eff. 2/6/98, Register 145

Authority: AS 21.06.090

AS 21.09.210

AS 21.34.180

AS 21.66.110


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Last modified 7/05/2006