Section 38-87-100. Premium taxes.

SC Code § 38-87-100 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

Premium taxes and other taxes on premiums paid for coverage of risks resident or located in this State by a purchasing group or any members of the purchasing group are imposed and must be paid as follows:

(1) If the insurer is an admitted insurer, taxes are imposed on the insurer at the same rate and in the same manner and subject to the same procedures, interest, and penalties as that applicable to premium taxes and other taxes imposed on other admitted liability insurers relative to coverage of risks resident or located in this State.

(2) If the insurer is an approved nonadmitted surplus lines insurer, taxes are imposed on the licensed broker who effected coverage on risks resident or located in this State at the same rate and in the same manner and subject to the same procedures, interest, and penalties as that applicable to taxes imposed on other licensed brokers effecting coverage with approved nonadmitted surplus lines insurers on risks resident or located in this State.

HISTORY: 1988 Act No. 355, Section 1.

Previous Section

Section 38-87-90. Purchase of insurance from nonstate chartered group or nonstate admitted insurer; notice requirements; deductible or self-insured retention not permitted; aggregate limits on purchase.

Next Section

Section 38-87-110. Powers of Director of the Department of Insurance; applicable procedures; injunctive relief.