Property & Casualty Companies Premium Tax Forms
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The Wyoming Insurance Department accepts electronic premium tax filings through OPTins. Please note that OPTins is NOT available for Surplus Lines Tax. Click here for more information.
Premium Tax Notice:
Due to previous discussions at the Blanks Working Group of the NAIC involving premium allocation between states, the Department is reminding all insurance companies about Chapter 38 of the Wyoming Insurance Department’s Regulations. The Regulation applies to each insurer that is authorized to transact the business of insurance in Wyoming, and was effective beginning with the 1983 tax year. Section 5 provides specific guidance as to how premium should be allocated to Wyoming. The Regulation is shown below.
Chapter 38 Regulations Governing Allocation of Premium for the Purpose of Taxation:
Section 1. Authority
These regulations governing allocation of premium for the purpose of taxation are promulgated pursuant to the authority granted the Insurance Commissioner under the Wyoming Administrative Procedure Act § 16-3-101 et seq. and the Wyoming Insurance Code § 26-2-110(a).
Section 2. Purpose
These regulations are intended to provide a uniform standard for reporting direct premium income derived by insurers from or as a result of persons, property, subjects, or risks located, resident, or to be performed in Wyoming, which are insured or covered under policies or contracts covering persons, property, subjects, or risks located or resident in more than one (1) state, so that the State of Wyoming receives the proper amount of tax on such Wyoming premiums.
Section 3. Scope
These regulations apply to each insurer authorized to transact the business of insurance in Wyoming and to each insurer formerly so authorized.
Section 4. Reporting of Premiums
For the purpose of reporting total direct premium income as set forth at W.S. 26-4-103(a), the amount of such premium which shall be reported to the Insurance Commissioner, and upon which tax shall be paid, shall include, as to policies or contracts of insurance covering persons, property, subjects or risks located or resident in more than one (1) state, the amount of premium or consideration allocable to Wyoming as determined in accordance with these regulations.
Section 5. Proper Proportionate Allocation
The amount of premium or consideration for insurance as to persons, property, subjects of risks in Wyoming insured or covered under policies or contracts covering persons, property, subjects, or risks located or resident in more than one (1) state, shall be determined as follows:
(a) The result obtained when the percentage derived by dividing the number of Wyoming risks by the whole number or risks under such policy or contract is multiplied by the total direct premium income derived from such policy or contract; or
(b) The exact amount of premium or consideration collected from or on behalf of each person, property, subject or risk which is, in fact, located, resident or to be performed in Wyoming.
Section 6. Exclusiveness
No method of allocation which fails to recognize the actual locations, residences, or situs of performance as used herein shall be permissible.
Section 7. Foreign Contracts
These regulations are applicable notwithstanding the fact that the policy or contract of insurance is entered into, or the premiums are paid and received, in a state or states other than Wyoming.
Section 8. Penalties
Failure to comply with these regulations constitutes failure to pay required premium taxes as set forth at W.S. 26-4-105 (b).
Section 9. Severability
If any of the applications or provisions of these regulations are held invalid, the invalidity shall not affect other applications or provisions of this regulation which can be given effect without the invalid applications or provisions, and to this end these regulations are severable.
Section 10. Effective Date
These regulations shall become effective for the tax-year commencing 1 January 1983, which taxes are payable March 1, 1984.
Questions regarding this notice should be addressed, in writing, to Linda Johnson, Chief Examiner, at: firstname.lastname@example.org.