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2011 Maine Revised Statutes
TITLE 36: TAXATION
Chapter 357: INSURANCE COMPANIES
36 §2519. Ratio of tax on foreign insurance companies


36 ME Rev Stat § 2519 (2011 through 125th Legis) What's This?

Part 4: BUSINESS TAXES

§2519. Ratio of tax on foreign insurance companies

Any insurance company incorporated by a state of the United States or province of Canada whose laws impose upon insurance companies chartered by this State any greater tax than is herein provided shall pay the same tax upon business done by it in this State, in place of the tax provided in any other section of this Title. If it is not paid as provided in section 2521-A, the Superintendent of Insurance shall suspend the right of said company to do business in this State. Any insurance company incorporated by another country is regarded for the purpose of this section as though incorporated by the state where it has elected to make its deposit and establish its principal agency in the United States. For nonadmitted insurance premiums subject to section 2531, the rate applied pursuant to this section must be the highest rate that the state or province applies to nonadmitted insurance premiums taxed in that state or province. [2011, c. 331, §§16, 17 (AFF); 2011, c. 331, §13 (AMD).]

SECTION HISTORY

1973, c. 585, §12 (AMD). 1973, c. 727, §9 (RPR). 2011, c. 331, §13 (AMD). 2011, c. 331, §16, 17 (AFF).

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