12-2624. Gross premium tax, rate, payment; deductions for cancellations and dividends. - Kansas Statutes

12-2624

Chapter 12.--CITIES AND MUNICIPALITIES Article 26.--INSURANCE

      12-2624.   Gross premium tax, rate, payment; deductions for cancellations and dividends. In addition to the fees required to be paid in K.S.A. 12-2622 and amendments thereto, and as a condition precedent to the continuation of the certificate of authority provided in this act, all group-funded pools shall pay no later than 90 days after the end of each fiscal year a tax upon the annual Kansas gross premium collected by the pool at the rate of 1% per annum applied to the collective premium relating to all Kansas members of the pool for the preceding fiscal year. In the computation of the tax, all pools shall be entitled to deduct any annual Kansas gross premiums returned on account of cancellation or dividends returned to members of such pools or expenditures used for the purchase of specific and aggregate excess insurance, as provided in subsection (h) of K.S.A. 12-2618 and amendments thereto.

      History:   L. 1987, ch. 74, § 9; L. 1991, ch. 60, § 3; May 23.