Alabama § 27-10-31 Annual Tax of Surplus Line Brokers

Alabama Statutes

§ 27-10-31 — Annual Tax of Surplus Line Brokers

Alabama § 27-10-31

Title 27Insurance

Ch. 10Unauthorized Insurers and Surplus Lines

Art. 2Surplus Line Insurance

This text of Alabama § 27-10-31 (Annual Tax of Surplus Line Brokers) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 27-10-31 (2026).

Text

(a)On or before the first day of March each year, the surplus line broker shall remit to the State Treasurer through the commissioner, as a tax imposed for the privilege of transacting business as a surplus line broker in this state, a tax of six percent on the direct premiums, less return premiums and exclusive of sums collected to cover state or federal taxes, on surplus line insurance issued to insureds whose home state is this state as the term “home state” is defined in 15 U.S.C. § 8206, subject to tax transacted by the broker during the preceding calendar year as shown by the annual statement filed with the commissioner.

(b)The tax under this section shall be subject to deduction of the full amount of all expenses of examination of the surplus line broker by the commissioner in the

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(a) On or before the first day of March each year, the surplus line broker shall remit to the State Treasurer through the commissioner, as a tax imposed for the privilege of transacting business as a surplus line broker in this state, a tax of six percent on the direct premiums, less return premiums and exclusive of sums collected to cover state or federal taxes, on surplus line insurance issued to insureds whose home state is this state as the term “home state” is defined in 15 U.S.C. § 8206, subject to tax transacted by the broker during the preceding calendar year as shown by the annual statement filed with the commissioner.
(b) The tax under this section shall be subject to deduction of the full amount of all expenses of examination of the surplus line broker by the commissioner in the same manner as that allowed for domestic insurers for examination expenses under Section 27-4A-3(c)(5). All taxes collected under this section shall be deposited in the State Treasury to the credit of the State General Fund.

Legislative History

(Acts 1963, No. 521, p. 1112, §18; Acts 1971, No. 407, p. 707, §206; Acts 1980, No. 80-774, p. 1608, §2; Acts 1993, No. 93-679, p. 1291, §7; Act 2011-537, p. 949, §§4, 5; Act 2024-71, §2.)