Insurer to receive certificate of contribution for paying additional assessment; certain amount of contribution may be shown as asset and may offset liability for premium tax.
1. The Board shall issue to each insurer paying an assessment under NRS 689C.870 a certificate of contribution, in a form prescribed by the Commissioner, for the amount so paid. All outstanding certificates are of equal dignity and priority without reference to the amounts or dates of issue. A member insurer may show a certificate of contribution as an asset in its financial statement in such form, for such amount, if any, and for such period as the Commissioner may approve.
2. A carrier may offset against its liability for premium tax to this state, accrued with respect to business transacted in a calendar year, an amount equal to 20 percent of the amount certified pursuant to subsection 1 in each of the 5 calendar years following the year in which the assessment was paid. If an insurer ceases to transact business, it may offset all uncredited assessments against its liability for premium tax for the year in which it ceases to transact business.
Last modified: February 27, 2006