Section 3.21.560. Quarterly premium tax and filing fee payments.

	(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 insurer 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 before the date the corresponding quarterly tax payment is due.  

Authorities

21.06.090;21.09.210;21.34.170;21.34.180;21.34.190;21.66.110;21.96.080;01.05.031;21.89.080;44.62.125

Notes

Reference

3 AAC 21.550

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 Editor's note: 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.

History

Eff. 2/6/98, Register 145; am 7/25/2008, Register 187; am 9/4/2014, Register 211

References

3.21.560