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26-57-602. Local taxes.

Arkansas Code — all titles (historical 2020) · legal_authorities

26-57-602. Local taxes.

26-57-602. Local taxes. The taxes levied by §§ 26-57-603 — 26-57-605 upon any insurer shall be in lieu of all other state, county, city, town, or municipal taxes on premium receipts. No county, city, town, or municipality shall impose any privilege tax or license fee upon the insurer or its agents for the privilege of transacting the business of insurance.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-602

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.

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Stable record: arkansas_code:legal_authorities:26-57-602
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: de8abe28986f020866b2a0b753beca5ceeb2ec45ec0c4d93d078516e2461dabf

Source location: content.xml paragraph 27851

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Arkansas Code — all titles (historical 2020) · legal_authorities

26-57-603. Tax reports generally.

26-57-603. Tax reports generally. (a) Each authorized, each formerly authorized, and each unauthorized insurer as defined in § 23-60-102(12) shall file with the Insurance Commissioner on or before March 1 of each year a report in form as prescribed by the commissioner showing, except as to wet marine and foreign trade insurance as defined in § 26-57-605(d), total direct premium income including policy, membership, and other fees, and all other considerations for insurance, from all kinds and classes of insurance, whether designated as premium or otherwise, written by it during the preceding calendar year on account of policies and contracts covering property, subjects, or risks located, resident, or to be performed in this state, with proper proportionate allocation of premium as to the persons, property, subjects, or risks in this state insured under policies or contracts covering persons, property, subjects, or risks located or resident in more than one (1) state, after deducting from the total direct premium income dividends and similar returns paid or credited to policyholders other than as to life insurance, applicable cancellations, returned premiums, the unabsorbed portion of any deposit premium, and the amount of reduction in, or refund of, premiums allowed to industrial life policyholders for payment of premiums directly to an office of the insurer. (b) No deduction shall be made of the cash surrender values of policies. (c) Considerations received on annuity contracts shall not be included in total direct premium income and shall not be subject to tax. (d) Each authorized, unauthorized, or formerly authorized domestic, foreign, and alien insurer shall pay to the Treasurer of State through the commissioner, as a tax imposed for the privilege of transact

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-603

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-57-603. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

26-57-605. Wet marine and foreign trade insurers — Report and remittance of tax.

26-57-605. Wet marine and foreign trade insurers — Report and remittance of tax. (a) As to wet marine and foreign trade insurance written in this state during the preceding calendar year, on or before March 1 of each year, each authorized, unauthorized, or formerly authorized insurer shall file its report with the Insurance Commissioner, on forms as prescribed by the commissioner of its gross underwriting profit thereon. (b) As a tax imposed for the privilege of transacting such wet marine and foreign trade insurance in this state, a tax of three-quarters of one percent (¾%) of the gross underwriting profit shall be reported and paid on a quarterly estimate basis at such times and upon forms as shall be prescribed by the commissioner and reconciled annually at the time of filing the annual report. (c)(1) The gross underwriting profit shall be ascertained by deducting from the net premiums, which are the gross premiums less all return premiums and premiums for reinsurance, on wet marine and foreign trade insurance contracts, the net losses paid, which are the gross losses paid less salvage and recoveries on reinsurance ceded, during the calendar year under those contracts. (2) In the case of insurers issuing participating contracts, the gross underwriting profit shall not include for computation of the tax prescribed by this section the amounts refunded or paid as participation dividends by the insurers to the holders of the contracts. (d) As used in this subchapter, “wet marine and foreign trade insurance” includes only: (1) Insurances upon vessels, crafts, hulls, and of interests therein, of, or with relations thereto; (2) Insurance of marine builder's risks, marine war risks, and contracts of marine protection and indemnity insurance; (3) Insurance of

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-605

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-57-605. This identifies an authority to review, not proof of applicability.