§ 26-4-103 — Premium taxes; generally; preemption by state

(a) Each authorized and formerly authorized insurer shall
file with the commissioner on or before March 1 each year or
within any extended period the commissioner grants not to exceed
thirty (30) days, a report in a form the commissioner prescribes
showing, except for wet marine and transportation insurance as
defined in W.S. 26-5-107 and except as provided under subsection
(k) of this section, total direct premium income including
policy, membership and other fees, and all other considerations
for insurance and annuity contracts, however designated, it
received during the immediately preceding calendar year because
of policies and contracts covering property, subjects or risks
located, resident or to be performed in this state. The report
shall also identify separately the premiums charged on life
insurance policies with annualized premiums exceeding one
hundred thousand dollars ($100,000.00) for the immediately
preceding calendar year. The total direct premium income
reported shall include proper proportionate allocation of
premiums or consideration as to those persons, property,
subjects or risks in this state insured or covered under
policies or contracts covering persons, property, subjects or
risks located or resident in more than one (1) state, and shall
be computed after deducting:
(i) The amount of return premiums on cancelled
policies, but not including the return of cash surrender values
on life policies or annuity contracts; and
(ii) The amount returned to policyholders as current
dividends.
(iii) Repealed by Laws 1986, ch. 22, §§ 1, 4.
(b) At the same time the report is filed, each insurer
shall pay for the privilege of transacting business in this
state, a tax upon net premiums and net considerations to be
computed at the following rates:
(i) As to each insurer, the tax rate, except as to
annuity considerations, shall be as follows:
(A) Repealed by Laws 2020, ch. 136, § 2.
(B) Repealed by Laws 2020, ch. 136, § 2.
(C) Repealed by Laws 2020, ch. 136, § 2.
(D) Except as provided in subparagraph (E) of
this paragraph, for premium income received, seventy-five
hundredths percent (.75%);
(E) For premium income received, seventy-five
hundredths percent (.75%) on the first one hundred thousand
dollars ($100,000.00) of a life insurance policy's annual
premium and seventy-five thousandths of one percent (.075%) on
that portion of a life insurance policy's annual premium
exceeding one hundred thousand dollars ($100,000.00).
(ii) Repealed by Laws 1986, ch. 22, §§ 2, 4.
(iii) As to annuity considerations, the tax rate is
one percent (1%).
(c) As to wet marine and transportation insurance, on or
before March 1 of each year each authorized and formerly
authorized insurer shall file its report with the commissioner,
on forms he prescribes and furnishes or accepts, of its gross
underwriting profit on that insurance written in Wyoming during
the immediately preceding calendar year, and, at the same time,
shall pay a tax of three-fourths percent (3/4%) of the gross
underwriting profit.
(d) The gross underwriting profit shall be ascertained by
deducting from the net premiums (i.e. gross premiums less all
return premiums and premiums for reinsurance) on the wet marine
and transportation insurance contracts the net losses paid (i.e.
gross losses paid less salvage and recoveries on reinsurance
ceded) during the calendar year under the contracts. In the case
of insurers issuing participating contracts, for tax computation
under this subsection, gross underwriting profit does not
include the amounts refunded or paid as participating dividends
by those insurers to the holders of those contracts.
(e) Repealed by Laws 1986, ch. 22, § 3.
(f) Payment of the tax required by this section is instead
of all taxes imposed by the state upon premiums or upon income
and of franchise, privilege or other taxes measured by the
insurer's income.
(g) The state preempts the field of regulating, or of
imposing any taxes, licenses and fees upon insurers and their
general agents, agents and other representatives and on the
intangible property of insurers or their representatives. All
political subdivisions or agencies in the state are prohibited
from regulating insurers or their general agents, agents and
other representatives and from imposing or levying upon them any
tax, license or fee. This provision does not prohibit the
imposition by political subdivisions of taxes upon real and
tangible personal property of insurers, general agents, agents
and representatives.
(h) The provisions of subsections (f) and (g) of this
section shall not be modified or repealed by any law of general
application enacted after December 31, 1967 unless expressly
referred to or expressly repealed therein.
(j) No tax is due or payable because of premiums or
considerations received from policies or contracts issued in
connection with a pension annuity or profit-sharing plan exempt
or qualified under sections 401, 403, 404, 408, 457 or 501 of
the United States Internal Revenue Code of 1954, as amended or
renumbered.
(k) Notwithstanding subsection (a) of this section, any
authorized insurer selling insurance shall beginning January 1,
1991 and in accordance with this subsection, pay premium taxes
quarterly based upon an estimate of taxes payable on total
direct premium income including policy, membership and other
fees:
(i) Each estimated quarterly tax payment shall be
payable on or before the last day of the month immediately
following the end of the calendar quarter for which payment is
due, except payment for the calendar quarter ending December 31
of each year shall be payable on or before March 1 of the
immediately succeeding calendar year and shall include any
adjustments for the calendar year for which the final quarterly
payment is made. Except for the calendar quarter ending
December 31, the quarterly payment shall not be less than
twenty-five percent (25%) of the total premium tax paid during
the preceding calendar year;
(ii) Any adjustment to estimated quarterly payments
for any calendar year and any claim by an insurer for a refund
shall be made at the time of filing the annual report required
under subsection (a) of this section. Following notice to the
insurer by the commissioner, adjustment under this paragraph may
be added to or deducted from subsequent quarterly payments under
this subsection;
(iii) The commissioner shall suspend or revoke the
certificate of authority for any insurer failing to pay premium
taxes pursuant to this subsection.
(m) The amount of tax credits for which an insurer
qualifies under W.S. 9-12-1301 through 9-12-1312 shall be
allowed as a credit against premium tax owed by the insurer
under subsections (a) through (k) of this section.
(n) At the same time a report under subsection (a) of this
section is filed, an insurer making private health benefit plans
available in this state, and any plan which has entered into
agreement under W.S. 42-4-123(j), shall pay to the commissioner
a three-quarter percent (.75%) assessment upon net premiums and
net considerations. The commissioner shall, not more than thirty
(30) days after receipt, transfer premium assessments paid under
this subsection to the air ambulance coverage account.
Application of this subsection shall be contingent on operation
of the air ambulance transport services program under W.S. 42-4-
123(b).