Get the free SURPLUS LINES BROKER'S QUARTERLY GROSS PREMIUMS TAX REPORT - scc virginia
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This document serves as a tax report for surplus lines brokers in Virginia, detailing gross premiums, assessments, dues, and fees charged on insurance contracts with unlicensed insurers on Virginia
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How to fill out surplus lines brokers quarterly
How to fill out SURPLUS LINES BROKER'S QUARTERLY GROSS PREMIUMS TAX REPORT
01
Obtain the SURPLUS LINES BROKER'S QUARTERLY GROSS PREMIUMS TAX REPORT form from the relevant regulatory agency.
02
Fill in the broker's name and license number at the top of the form.
03
Provide the reporting period dates for the quarter you are completing the report for.
04
List all surplus lines insurance policies placed during the quarter in the designated section.
05
Capture the gross premium amounts for each policy and include any applicable taxes.
06
Calculate the total gross premiums for the quarter.
07
Include any deductions or credits based on specific regulations.
08
Sign and date the report to certify the accuracy of the information provided.
09
Submit the completed report to the appropriate state or regulatory body by the deadline.
Who needs SURPLUS LINES BROKER'S QUARTERLY GROSS PREMIUMS TAX REPORT?
01
Surplus lines brokers operating in jurisdictions that impose a tax on gross premiums.
02
Insurance companies offering surplus lines insurance products.
03
State regulatory agencies for monitoring compliance and collecting taxes.
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People Also Ask about
Are surplus line taxes fully earned?
This means 25% of each policy's premium is non-refundable once effective. Surplus lines policies also come with tax. The tax is 25% earned as well. Fully earned fees are standard in the surplus lines marketplace.
What does surplus lines broker mean in insurance?
A Surplus Line Broker is a person who places insurance with non-admitted insurers, covering risks other than aircraft and certain marine and transportation risks.
What is the surplus lines tax in Georgia?
Surplus lines tax: If a surplus lines policy covers risks or exposures located or to be performed both in and out of Georgia, the sum payable shall be computed based on (i) an amount equal to 4% of that portion of premiums allocated to Georgia plus (ii) an amount equal to the portion of premiums allocated to other
What is the surplus line tax in Virginia?
Surplus lines tax: 2.25%, (except workers' compensation) payable by broker.
What does surplus line tax mean?
The $1.2 billion surplus fully-funds contingent spending on shared priorities incorporated in the enacted budget including the additional $90 million in funding for the recently restored Virginia Military Survivors and Dependents Education Program (VMSDEP).
What is VA surplus line tax?
Surplus lines tax: 2.25%, (except workers' compensation) payable by broker.
What are the disadvantages of surplus lines insurance?
What are surplus lines premium taxes? Fundamentally, surplus lines premium taxes are taxes a surplus lines carrier or broker has to pay to a state where they sold a surplus lines policy. The longer explanation: Carriers pay taxes to their domicile state based on the amount of premium they write each year.
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What is SURPLUS LINES BROKER'S QUARTERLY GROSS PREMIUMS TAX REPORT?
The Surplus Lines Broker's Quarterly Gross Premiums Tax Report is a financial document that surplus lines brokers are required to file to report the gross premiums they have collected during a specific quarter, along with the corresponding taxes owed to the state.
Who is required to file SURPLUS LINES BROKER'S QUARTERLY GROSS PREMIUMS TAX REPORT?
Surplus lines brokers who are authorized to conduct business in a given state and have collected premiums from policies that are not available in the admitted market are required to file the Surplus Lines Broker's Quarterly Gross Premiums Tax Report.
How to fill out SURPLUS LINES BROKER'S QUARTERLY GROSS PREMIUMS TAX REPORT?
To fill out the report, brokers must accurately calculate the gross premiums collected, identify the corresponding state taxes owed, complete all required sections of the form, and submit it to the appropriate state tax authority by the specified due date.
What is the purpose of SURPLUS LINES BROKER'S QUARTERLY GROSS PREMIUMS TAX REPORT?
The purpose of the report is to ensure that surplus lines brokers comply with state regulations by accurately reporting premiums and remitting taxes, which supports the state’s ability to regulate the insurance industry.
What information must be reported on SURPLUS LINES BROKER'S QUARTERLY GROSS PREMIUMS TAX REPORT?
The report typically requires brokers to provide information such as the total gross premiums collected, the amount of tax due, details about the insured risks, and any applicable adjustments or exemptions related to the premiums.
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