SUBCHAPTER 5E - INSURANCE PREMIUMS TAX AND REGULATORY

SURCHARGE

 

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.