Fire insurance companies; assessment of premium tax; failure to
pay; license revocation
Sec. 5. (a) All fire insurance companies licensed to transact
business in Indiana shall pay to the treasurer of state before March
2 of each year an amount equal to one-half of one percent (0.5%) of
the gross premiums of each company, received on fire risks written
in Indiana, after deducting return premiums and considerations
received from reinsurance, as reported by them to the auditor of state
for the payment of premium taxes as provided by statute.
(b) Annual payment under subsection (a) by these companies is
in addition to all taxes and license fees required by statute to be paid
by fire insurance companies doing business in Indiana.
(c) If any fire insurance company licensed, authorized, or
incorporated to transact business in Indiana fails to pay into the state
treasury on June 30 and December 31 of each year the taxes required
by this section, the department of insurance shall revoke its license
and may not license it to do business in Indiana for two (2) years
after the date its license is revoked under this subsection.
As added by P.L.245-1987, SEC.1.
Last modified: May 27, 2006