§ 22-12-6-5 — Fire insurance companies; assessment of premium tax; failure to pay; license revocation

(a) All fire insurance companies licensed to
transact business in Indiana shall pay to the treasurer of state before
March 2 of each year an amount equal to one-half of one percent
(0.5%) of the gross premiums of each company, received on fire risks
written in Indiana, after deducting return premiums and considerations
received from reinsurance, as reported by them to the state comptroller
for the payment of premium taxes as provided by statute.
(b) Annual payment under subsection (a) by these companies is in
addition to all taxes and license fees required by statute to be paid by
fire insurance companies doing business in Indiana.
(c) If any fire insurance company licensed, authorized, or
incorporated to transact business in Indiana fails to pay into the state
treasury on June 30 and December 31 of each year the taxes required
by this section, the department of insurance shall revoke its license and
may not license it to do business in Indiana for two (2) years after the
date its license is revoked under this subsection.

Legislative History

As added by P.L.245-1987, SEC.1. Amended by P.L.9-2024, SEC.442.