2006 New Mexico Statutes - Section 59A-14-12 — Premium tax on surplus line insurance.

59A-14-12. Premium tax on surplus line insurance.

A.     Within sixty days after expiration of a calendar quarter the surplus line broker shall pay to the superintendent for the use of the state of New Mexico a tax on gross premiums received, less returned premiums, on surplus line business transacted under the surplus line broker's license during such calendar quarter as shown by the quarterly statement filed with the superintendent as provided under Section 59A-14-11 NMSA 1978. The tax shall be at the same rate as is applicable to premiums of authorized insurers under Section 59A-6-2 NMSA 1978.   

B.     For purposes of this section "premiums" shall include any additional amount charged the insured, including policy fees, risk purchasing group fees and inspection fees; but "premiums" shall not include any additional amount charged the insured for local, state or federal tax; regulatory authority fee; or examination fee, if any.   

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

D.     A penalty of ten percent of the amount of tax originally due, plus one percent of such tax amount for each month or fraction thereof of delinquency after the first thirty days of delinquency, shall be paid by the surplus line broker for failure to pay the tax in full within sixty days after expiration of the calendar quarter as provided in Subsection A of this section; except, that the superintendent may waive or remit the penalty if he finds that the failure or delay in payment arose from excusable mistake or excusable inadvertence.