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2017 Arkansas Code
Title 26 - Taxation
Subtitle 5 - State Taxes
Chapter 57 - State Privilege Taxes
Subchapter 6 - Insurance Premium Taxes
§ 26-57-615. Domiciled insurers' premium tax credit for certain fees payable to other jurisdictions
Universal Citation: AR Code § 26-57-615 (2017)
- (a) If, by the laws of any state other than Arkansas or by the retaliatory laws of any state other than Arkansas, any insurer domiciled in Arkansas on or after April 6, 1993, shall be required to pay any fee based on the insurer's premium volume in the other state of licensure, and the fee imposed by the other state is due and payable either because the administrative and financial regulatory fee, "financial fee", based on premium volume assessed by the State Insurance Department Trust Fund Act, § 23-61-701 et seq., as it is popularly known, on insurers licensed in Arkansas and organized or domiciled in the other state is greater than the comparable fee assessed in the other state, or the other state has no comparable fee but requires payment on a retaliatory basis, then to the extent the fee amounts are legally due and are paid in the other state, any insurer domiciled in Arkansas on and after April 6, 1993, may claim a dollar-for-dollar credit for the fees paid against its annual premium taxes due the State of Arkansas under this subchapter, but the credit shall only be calculated on the amount which would not have been required to be paid in the other state of licensure in the absence of the existence of the financial fee assessed under the State Insurance Department Trust Fund Act, § 23-61-701 et seq., and in no event shall the credit permitted by this section exceed ninety percent (90%) of the insurer's annual premium tax due the State of Arkansas.
- (b)
- (1) Credits permitted in subsection (a) of this section shall be reported annually on March 1.
- (2) The Insurance Commissioner shall prescribe the forms for reporting the credits and further shall examine insurer claims for credit made under this section.
- (3) If the commissioner shall determine that any amount for which a credit shall have been claimed was not legally due to another state, or that an error exists in the amount of the credit shown on the return, or the amount claimed is a refund or refunded, the commissioner shall take appropriate action under any and all civil and administrative Arkansas laws at the commissioner's disposal, including suspension or revocation of the Arkansas certificate of authority of the noncomplying insurer, for collection and recovery of the premium tax due resulting from the disallowance of a claim for credit made under this section or to disallow any the claim for refund.
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