SUBCHAPTER 5E - INSURANCE PREMIUMS TAX AND REGULATORY
SECTION .0100 - GENERAL PROVISIONS
17 NCAC 05E .0101 REDUCED INSTALLMENT PAYMENTS
The Secretary may reduce the installment payment
requirements for the quarterly insurance gross premiums tax and the regulatory
surcharge if an insurer submits a written statement to the Department
indicating that the insurer reasonably believes that its total estimated
payments made for the current year will exceed the anticipated tax liability
for the year.
This written statement must contain the basis for the
insurer's belief that its installment payments should be reduced and state the
factors supporting that belief, such as changes in the law or a reduction in
the insurer's writings. The statement must be submitted at least 45 days
before the due date of an installment payment. An insurer that files a timely
statement may reduce its next installment payment in accordance with the
statement unless the insurer receives written notice from the Department that
its request has been denied or adjusted.
History Note: Authority G.S. 105‑228.5; 105-262;
Eff. January 1, 1989;
Transferred and Recodified from 11 NCAC 11E .0110 Eff.
January 15, 1998;
Amended Eff. August 1, 1998.