Section: 384.0061 Premium tax to be levied only on entire gross premium for nonadmitted or surplus lines insurance policies. RSMO 384.061


Published: 2015

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Missouri Revised Statutes













Chapter 384

Surplus Lines Insurance

←384.059

Section 384.061.1

384.062→

August 28, 2015

Premium tax to be levied only on entire gross premium for nonadmitted or surplus lines insurance policies.

384.061. 1. Notwithstanding any other provision of this chapter or

regulation implementing a provision of this chapter, the five percent tax

on net premiums imposed by sections 384.051 and 384.059 shall be levied

upon and only upon the entire gross premium for nonadmitted or surplus

lines insurance policies for which the home state of the insured is

Missouri.



2. Notwithstanding any other provision of this chapter or regulation

implementing a provision of this chapter:



(1) The placement of nonadmitted insurance shall be subject to the

statutory and regulatory requirements of this chapter only if this state is

the insured's home state; and



(2) A surplus lines broker is required to be licensed as a surplus

lines licensee under the provisions of this chapter only if this state is

the insured's home state.



(L. 1989 S.B. 250, A.L. 2011 S.B. 132)



Effective 7-07-11





1991



1991



384.061. The five percent tax on net premiums imposed by sections 384.051

and 384.059 shall be levied only upon risks or portions of risks which are

located within this state. If a surplus lines policy covers risks only

partially located in this state, the tax payable shall be computed on the

portions of the premium properly allocable to that portion of the risks

located in this state and no Missouri tax shall be charged for that portion of

risk which is located outside of the state of Missouri.



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