Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 5 - Frequency and Method of Premium Tax Payments › 3 AAC 21.560 - Quarterly premium tax and filing fee payments

Current through May 31, 2024
(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) A surplus lines broker shall pay the
				  director the premium tax under
				  AS
				  21.34.180 and the filing fee under
				  AS
				  21.34.190 for each corresponding three-month
				  period as shown on the quarterly report required under
				  AS
				  21.34.170 as follows:
Due date:
Quarterly three-month period:
June 1
January, February, March
September 1
April, May, June
December 1
July, August, September
March 1 of the following year
October, November, 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 required to pay premium tax in four payments under (a) of
				  this section can demonstrate that the authorized insurer's premium receipts for
				  a tax year are likely to decline to a level at which the authorized in surer
				  will not pay at least $ 10,000 in premium tax in that year, the authorized
				  insurer may apply to the director for a waiver from (a) of this section. The
				  director may grant a waiver if the director finds that the authorized insurer
				  will materially overpay the authorized insurer's premium tax for the tax year
				  unless a waiver is granted.
(e) A
				  quarterly tax payment made under (a) of this section must be reported on forms
				  provided by the director, or the report may be filed electronically when the
				  division notifies the payer that electronic filing is available. The report
				  must be submitted on or befo re the date the corresponding quarterly tax
				  payment is due.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former AS 21.89.080 as
						AS
						21.96.080. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to the
						authority citation that follows
						3 AAC 21.560, so that the citation to former AS
						21.89.080 now refers to the renumbered statute,
						AS
						21.96.080.
Authority:
AS
						21.06.090
AS 21.09.210
AS 21.34.170
AS 21.34.180
AS 21.34.190
AS 21.66.110
AS
						21.96.080