Maine Revised Statutes Title 36 — Taxation
36 M.R.S. § 2531
Taxation of nonadmitted insurance coverage
# 1.
Generally.
All gross direct insurance premiums and annuity considerations on contracts written by insurers that do not have certificates of authority to do business in this State issued by the Superintendent of Insurance pursuant to Title 24‑A are subject to taxation in accordance with this section if this State is the insured's home state, as defined in the federal Nonadmitted and Reinsurance Reform Act of 2010, Public Law 111-203, Section 527. This section does not apply to reinsurance premiums paid by an authorized domestic insurer.
# 2.
Rate and incidence of tax.
Except as otherwise provided in section 2532 , the rate of taxation is 3% of the premiums subject to tax under this section. For all coverage placed in accordance with Title 24‑A, chapter 19 , the tax must be paid by the surplus lines producer. For all other nonadmitted insurance, the tax must be paid by the insured.
# 3.
Returns.
Except as otherwise provided in accordance with a multistate agreement entered into pursuant to section 2532 , every producer holding surplus lines authority in this State shall file a return and pay the tax due in accordance with section 2521‑A and every insured subject to tax in accordance with this section shall file a return and pay the tax due subject to the same requirements as provided in section 2521‑A . An insurance agency may elect to collect and pay the tax on surplus lines premiums on behalf of all of its employees who are surplus lines producers and file a single return.
Source: view the official text
In this chapter (35 sections)
- 2511 · Companies taxable; rate
- 2512 · Annual returns to Superintendent of Insurance
- 2513 · Tax on premiums and annuity considerations
- 2513-A · Tax on premiums of risk retention groups
- 2513-B · Tax on premiums collected by captive insurers; rate of tax
- 2513-C · Premium tax on travel insurance premiums
- 2514 · Applicability of provisions
- 2515 · Amount of tax
- 2516 · Returns to State Tax Assessor
- 2517 · Mutual fire companies doing mill business; returns
- 2518 · Neglect to make return; assessment; failure to pay
- 2519 · Ratio of tax on foreign insurance companies
- 2520 · Reciprocal contracts of indemnity
- 2521 · Power and authority of domestic companies
- 2521-A · Returns; payment of tax
- 2521-B · Self-insurers; return for calendar year 1982
- 2521-C · Returns; payment of tax
- 2521-D · Limitation on credit or refund
- 2521-E · Interest on overpayment
- 2522 · Assessment of tax; notice; suspension for nonpayment
- 2523 · Taxation of workers' compensation insurers
- 2524 · Credit for employer-assisted day care
- 2525 · Employer-provided long-term care benefits
- 2525-A · Employer-provided long-term care benefits on and after January…
- 2526 · Solid waste reduction investment tax credit
- 2527 · Educational attainment investment tax credit
- 2528 · Recruitment credit
- 2529 · Pine Tree Development Zone tax credit
- 2530 · Maine Life and Health Insurance Guaranty Association credit
- 2531 · Taxation of nonadmitted insurance coverage
- 2532 · Authority to enter into multistate agreement
- 2533 · New markets capital investment credit
- 2534 · Credit for rehabilitation of historic properties and affordable…
- 2535 · Credit for educational opportunity
- 2536 · Employer credit for family and medical leave