Missouri Revised Statutes
Chapter 379
Insurance Other Than Life
←379.1324
Section 379.1326.1
379.1328→
August 28, 2015
Premium tax imposed, amount, procedure.
379.1326. 1. Each captive insurance company shall pay to the
director of revenue, on or before May first of each year, a premium tax at
the rate of thirty-eight-hundredths of one percent on the first twenty
million dollars and two hundred eighty-five-thousandths of one percent on
the next twenty million dollars and nineteen-hundredths of one percent on
the next twenty million dollars and seventy-two-thousandths of one percent
on each dollar thereafter on the direct premiums collected or contracted
for on policies or contracts of insurance written by the captive insurance
company during the year ending December thirty-first next preceding, after
deducting from the direct premiums subject to the tax the amounts paid to
policyholders as return premiums which shall include dividends on
unabsorbed premiums or premium deposits returned or credited to
policyholders; provided, however, that no tax shall be due or payable as to
considerations received for annuity contracts.
2. Each captive insurance company shall pay to the director of
revenue on or before May first of each year a premium tax at the rate of
two hundred fourteen-thousandths of one percent on the first twenty million
dollars of assumed reinsurance premium, and one hundred
forty-three-thousandths of one percent on the next twenty million dollars
and forty-eight-thousandths of one percent on the next twenty million
dollars and twenty-four-thousandths of one percent of each dollar
thereafter. However, no reinsurance premium tax applies to premiums for
risks or portions of risks which are subject to taxation on a direct basis
under subsection 1 of this section. No reinsurance premium tax shall be
payable in connection with the receipt of assets in exchange for the
assumption of loss reserves and other liabilities of another insurer under
common ownership and control if such transaction is part of a plan to
discontinue the operations of such other insurer, and if the intent of the
parties to such transaction is to renew or maintain such business with the
captive insurance company.
3. The annual:
(1) Minimum aggregate tax to be paid by a captive insurance company
calculated under subsections 1 and 2 of this section shall be seven
thousand five hundred dollars, and the annual maximum aggregate tax shall
be two hundred thousand dollars;
(2) Minimum aggregate tax to be paid by a sponsored captive insurance
company shall be seven thousand five hundred dollars and shall apply to the
sponsored captive insurance company as a whole and not to each protected
cell, and such cells shall not be subject to the minimum tax;
(3) Maximum tax to be paid by a protected cell shall be as calculated
under subsection 1 of this section. The annual maximum tax to be remitted
by a sponsored captive insurance company shall be the aggregate of the tax
liabilities of each protected cell.
4. Every captive insurance company shall, on or before February first
each year, make a return on a form provided by the director, verified by
the affidavit of the company's president and secretary or other authorized
officers, to the director stating the amount of all direct premiums
received and assumed reinsurance premiums received, whether in cash or in
notes, during the year ending on December thirty-first next preceding.
Upon receipt of such returns, the director of the department of insurance,
financial institutions and professional registration shall verify the same
and certify the amount of tax due from the various companies on the basis
and at the rate provided in subsections 1 to 3 of this section, and shall
certify the same to the director of revenue, on or before March
thirty-first of each year. The director of revenue shall immediately
thereafter notify and assess each company the amount of tax due.
5. A captive insurance company failing to make returns as required by
subsection 4 of this section or failing to pay within the time required all
taxes assessed by this section shall be subject to the provisions of
sections 148.375 and 148.410.
6. Two or more captive insurance companies under common ownership and
control shall be taxed as though they were a single captive insurance
company.
7. For the purposes of this section, the following terms shall mean:
(1) "Common ownership and control", ownership and control of two or
more captive insurance companies by the same person or group of persons;
(2) "Ownership and control":
(a) In the case of stock corporations, the direct or indirect
ownership of eighty percent or more of the outstanding voting stock of the
corporation;
(b) In the case of mutual or nonprofit corporations, the direct or
indirect ownership of eighty percent or more of the surplus and the voting
power of the corporation;
(c) In the case of a limited liability company, the direct or
indirect ownership of eighty percent or more of the membership interest in
the limited liability company; and
(d) In the case of a sponsored captive insurance company and for
purposes of this section, a protected cell shall be treated as a separate
captive insurance company owned and controlled by the protected cell's
participant, but only if:
a. The participant is the only participant with respect to such
protected cell; and
b. The participant is the sponsor or is affiliated with the sponsor
of the sponsored captive insurance company through common ownership and
control.
8. The tax provided for in this section shall constitute all taxes
collectible under the laws of this state from any captive insurance
company, and no other occupation tax or other taxes shall be levied or
collected from any captive insurance company by the state or any county,
city, or municipality within this state, except ad valorem taxes on real
and personal property used in the production of income.
9. Upon receiving the taxes collected under this section from the
director of revenue, the state treasurer shall receipt ten percent thereof
into the insurance dedicated fund established under section 374.150,
subject to a maximum of three percent of the current fiscal year's
appropriation from such fund, and he or she shall place the remainder of
such taxes collected to the general revenue fund of the state.
10. The tax provided for in this section shall be calculated on an
annual basis, notwithstanding policies or contracts of insurance or
contracts of reinsurance issued on a multiyear basis. In the case of
multiyear policies or contracts, the premium shall be prorated for purposes
of determining the tax under this section.
11. A captive insurance company may deduct from premium taxes payable
to this state, in addition to all other credits allowed by law, license
fees and renewal fees payable under section 379.1302. A deduction for fees
which exceeds a captive insurance company's premium tax liability for the
same tax year shall not be refundable, but may be carried forward to any
subsequent tax year, not to exceed five years, until the full deduction is
claimed.
(L. 2007 S.B. 215, A.L. 2009 H.B. 577, A.L. 2013 S.B. 287)
2009
2007
2009
379.1326. 1. Each captive insurance company shall pay to the director of
revenue, on or before May first of each year, a premium tax at the rate of
thirty-eight-hundredths of one percent on the first twenty million dollars
and two hundred eighty-five-thousandths of one percent on the next twenty
million dollars and nineteen-hundredths of one percent on the next twenty
million dollars and seventy-two-thousandths of one percent on each dollar
thereafter on the direct premiums collected or contracted for on policies or
contracts of insurance written by the captive insurance company during the
year ending December thirty-first next preceding, after deducting from the
direct premiums subject to the tax the amounts paid to policyholders as return
premiums which shall include dividends on unabsorbed premiums or premium
deposits returned or credited to policyholders; provided, however, that no
tax shall be due or payable as to considerations received for annuity
contracts.
2. Each captive insurance company shall pay to the director of revenue on
or before May first of each year a premium tax at the rate of two hundred
fourteen-thousandths of one percent on the first twenty million dollars of
assumed reinsurance premium, and one hundred forty-three-thousandths of one
percent on the next twenty million dollars and forty-eight-thousandths of
one percent on the next twenty million dollars and twenty-four-thousandths of
one percent of each dollar thereafter. However, no reinsurance premium tax
applies to premiums for risks or portions of risks which are subject to
taxation on a direct basis under subsection 1 of this section. No
reinsurance premium tax shall be payable in connection with the receipt of
assets in exchange for the assumption of loss reserves and other liabilities
of another insurer under common ownership and control if such transaction is
part of a plan to discontinue the operations of such other insurer, and if
the intent of the parties to such transaction is to renew or maintain such
business with the captive insurance company.
3. The annual minimum aggregate tax to be paid by a captive insurance
company calculated under subsections 1 and 2 of this section shall be seven
thousand five hundred dollars, and the annual maximum aggregate tax shall be
two hundred thousand dollars.
4. Every captive insurance company shall, on or before February first
each year, make a return on a form provided by the director, verified by the
affidavit of the company's president and secretary or other authorized
officers, to the director stating the amount of all direct premiums received
and assumed reinsurance premiums received, whether in cash or in notes,
during the year ending on December thirty-first next preceding. Upon receipt
of such returns, the director of the department of insurance, financial
institutions and professional registration shall verify the same and certify
the amount of tax due from the various companies on the basis and at the rate
provided in subsections 1 to 3 of this section, and shall certify the same to
the director of revenue, on or before March thirty-first of each year. The
director of revenue shall immediately thereafter notify and assess each
company the amount of tax due.
5. A captive insurance company failing to make returns as required by
subsection 4 of this section or failing to pay within the time required all
taxes assessed by this section shall be subject to the provisions of sections
148.375 and 148.410.
6. Two or more captive insurance companies under common ownership and
control shall be taxed as though they were a single captive insurance company.
7. For the purposes of this section, "common ownership and control" shall
mean:
(1) In the case of stock corporations, the direct or indirect ownership
of eighty percent or more of the outstanding voting stock of two or more
corporations by the same shareholder or shareholders; and
(2) In the case of mutual or nonprofit corporations, the direct or
indirect ownership of eighty percent or more of the surplus and the voting
power of two or more corporations by the same member or members.
8. The tax provided for in this section shall constitute all taxes
collectible under the laws of this state from any captive insurance company,
and no other occupation tax or other taxes shall be levied or collected from
any captive insurance company by the state or any county, city, or
municipality within this state, except ad valorem taxes on real and personal
property used in the production of income.
9. Upon receiving the taxes collected under this section from the
director of revenue, the state treasurer shall receipt ten percent thereof
into the insurance dedicated fund established under section 374.150, subject
to a maximum of three percent of the current fiscal year's appropriation from
such fund, and he or she shall place the remainder of such taxes collected to
the general revenue fund of the state.
10. The tax provided for in this section shall be calculated on an
annual basis, notwithstanding policies or contracts of insurance or contracts
of reinsurance issued on a multiyear basis. In the case of multiyear
policies or contracts, the premium shall be prorated for purposes of
determining the tax under this section.
11. A captive insurance company may deduct from premium taxes payable to
this state, in addition to all other credits allowed by law, license fees and
renewal fees payable under section 379.1302. A deduction for fees which
exceeds a captive insurance company's premium tax liability for the same tax
year shall not be refundable, but may be carried forward to any subsequent
tax year, not to exceed five years, until the full deduction is claimed.
2007
379.1326. 1. Each captive insurance company shall pay to the director
of revenue, on or before May first of each year, a premium tax at the rate of
thirty-eight-hundredths of one percent on the first twenty million dollars and
two hundred eighty-five-thousandths of one percent on the next twenty million
dollars and nineteen-hundredths of one percent on the next twenty million
dollars and seventy-two-thousandths of one percent on each dollar thereafter
on the direct premiums collected or contracted for on policies or contracts of
insurance written by the captive insurance company during the year ending
December thirty-first next preceding, after deducting from the direct premiums
subject to the tax the amounts paid to policyholders as return premiums which
shall include dividends on unabsorbed premiums or premium deposits returned or
credited to policyholders; provided, however, that no tax shall be due or
payable as to considerations received for annuity contracts.
2. Each captive insurance company shall pay to the director of revenue
on or before May first of each year a premium tax at the rate of two hundred
fourteen-thousandths of one percent on the first twenty million dollars of
assumed reinsurance premium, and one hundred forty-three-thousandths of one
percent on the next twenty million dollars and forty-eight-thousandths of one
percent on the next twenty million dollars and twenty-four-thousandths of one
percent of each dollar thereafter. However, no reinsurance premium tax
applies to premiums for risks or portions of risks which are subject to
taxation on a direct basis under subsection 1 of this section. No reinsurance
premium tax shall be payable in connection with the receipt of assets in
exchange for the assumption of loss reserves and other liabilities of another
insurer under common ownership and control if such transaction is part of a
plan to discontinue the operations of such other insurer, and if the intent of
the parties to such transaction is to renew or maintain such business with the
captive insurance company.
3. The annual minimum aggregate tax to be paid by a captive insurance
company calculated under subsections 1 and 2 of this section shall be seven
thousand five hundred dollars, and the annual maximum aggregate tax shall be
two hundred thousand dollars.
4. Every captive insurance company shall, on or before February first
each year, make a return on a form provided by the director, verified by the
affidavit of the company's president and secretary or other authorized
officers, to the director stating the amount of all direct premiums received
and assumed reinsurance premiums received, whether in cash or in notes, during
the year ending on December thirty-first next preceding. Upon receipt of such
returns, the director of the department of insurance, financial institutions
and professional registration shall verify the same and certify the amount of
tax due from the various companies on the basis and at the rate provided in
subsections 1 to 3 of this section, and shall certify the same to the director
of revenue, on or before March thirty-first of each year. The director of
revenue shall immediately thereafter notify and assess each company the amount
of tax due.
5. A captive insurance company failing to make returns as required by
subsection 4 of this section or failing to pay within the time required all
taxes assessed by this section shall be subject to the provisions of sections
148.375 and 148.410, RSMo.
6. Two or more captive insurance companies under common ownership and
control shall be taxed as though they were a single captive insurance company.
7. For the purposes of this section, "common ownership and control"
shall mean:
(1) In the case of stock corporations, the direct or indirect ownership
of eighty percent or more of the outstanding voting stock of two or more
corporations by the same shareholder or shareholders; and
(2) In the case of mutual or nonprofit corporations, the direct or
indirect ownership of eighty percent or more of the surplus and the voting
power of two or more corporations by the same member or members.
8. The tax provided for in this section shall constitute all taxes
collectible under the laws of this state from any captive insurance company,
and no other occupation tax or other taxes shall be levied or collected from
any captive insurance company by the state or any county, city, or
municipality within this state, except ad valorem taxes on real and personal
property used in the production of income.
9. The state treasurer shall annually transfer the premium tax revenues
collected under this section to the general revenue fund, except as provided
in section 379.1332.
10. The tax provided for in this section shall be calculated on an
annual basis, notwithstanding policies or contracts of insurance or contracts
of reinsurance issued on a multiyear basis. In the case of multiyear policies
or contracts, the premium shall be prorated for purposes of determining the
tax under this section.
11. A captive insurance company may deduct from premium taxes payable to
this state, in addition to all other credits allowed by law, license fees and
renewal fees payable under section 379.1302. A deduction for fees which
exceeds a captive insurance company's premium tax liability for the same tax
year shall not be refundable, but may be carried forward to any subsequent tax
year, not to exceed five years, until the full deduction is claimed.
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