2006 Louisiana Laws - RS 22:1265 — Tax on surplus lines

§1265.  Tax on surplus lines

A.(1)  On or before March first, June first, September first, and December first of each year, each surplus lines broker shall transmit to the commissioner of insurance a surplus lines tax report for the prior calendar quarter.  This report shall be in a manner and format prescribed by the commissioner of insurance and include any additional information as required by the commissioner.  The reporting of transactions shall be as follows:

(a)  All new and renewal policies will be included in the report for the calendar quarter in which the effective date of the policy falls.

(b)  All other premium transactions will be included in the report for the calendar quarter in which the invoice falls.

(2)  Along with the report required to be filed on the due dates provided in Paragraph (1) of this Subsection, each surplus lines broker shall remit to the commissioner of insurance a tax on the premiums on surplus lines insurance reported in the quarterly surplus lines tax report, at the rate of five percent per annum.  Such tax when collected by the commissioner of insurance shall be paid to the state treasurer and be credited to the general fund.

B.  Every person placing insurance with an unauthorized insurer without going through a licensed Louisiana agent or broker, except as provided in R.S. 22:1257, shall remit to the commissioner of insurance a tax of five percent of the gross premium, such tax to be paid at the same time and under the same conditions as that levied on surplus lines brokers under the provisions of Subsection A of this Section.  Such tax when collected by the commissioner of insurance shall be paid to the state treasurer and be credited to the general fund.

C.  If a surplus line policy covers risks or exposures only partially in this State the tax so payable shall be computed upon the proportion of the premium which is properly allocable to the risks or exposures located in this State.

D.  The tax imposed on surplus lines under this Section shall not apply to the purchase of excess insurance obtained by an interlocal risk management agency pursuant to R.S. 33:1359 or 1485.

Acts 1958, No. 125.  Amended by Acts 1958, No. 265, §1; Acts 1960, No. 149, §1; Acts 1984, 1st Ex. Sess., No. 3, §1, eff. March 27, 1984; Acts 1999, No. 868, §1; Acts 2005, No. 294, §1.

NOTE:  SEE ACTS 1984, 1ST EX. SESS., NO. 3, §2.