384.059. Premium tax applicable to surplus lines, rate, payment--broker may charge tax to insured. - Missouri Statutes

Premium tax applicable to surplus lines, rate, payment--broker maycharge tax to insured.

384.059. 1. There is hereby imposed on surplus brokers forthe privilege of doing the business of a surplus lines broker inthis state a tax of five percent of the net premium received withrespect to surplus lines insurance on risks located in this stateand subject to sections 375.136, 375.301, 375.786, RSMo, andsections 384.011 to 384.071 as shown on the annual report filedwith the department pursuant to section 384.057. For the purposeof this section, "net premiums" means the gross amount of chargesfor surplus lines insurance exclusive of sums collected for thepayment of federal, state and local taxes, less returnedpremiums. The tax shall be paid before April sixteenth of eachyear. Nothing in sections 375.136, 375.301, 375.786, RSMo, andsections 384.011 to 384.071 shall exempt from the tax levied bythis section any surplus lines insurance covering risks in thisstate procured by a surplus lines broker or other broker for oron behalf of an airline, railroad, or motor carrier. The portionof the risk in this state shall be in the proportion that thecarrier's revenue miles in this state bears to its total revenuemiles.

2. The surplus lines broker may collect from the insured anamount equal to the tax provided for in this section.

(L. 1987 H.B. 700 § 17, A.L. 1989 S.B. 250)