California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 6.2 - Reporting and Filing Premium Taxes
Section 2327.2 - Insurers Filing on a Cash Basis
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
In addition to any other insurance tax premium filing requirements or instructions, any insurer that files on a cash basis shall do the following:
(a) Calculate its taxes on Collected Direct Premiums in accordance with Revenue and Taxation Code section 12221; or,
(b) As an alternative method for calculating its taxes in accordance with Revenue and Taxation Code section 12221, an insurer may calculate its taxes on Direct Premiums, subject to the requirements of Revenue and Taxation Code Section 12221, using a ratio of the insurer's Direct Premiums written upon business transacted in this State to the insurer's total Direct Premiums written, as reported on the insurer's NAIC Annual Statement Schedule T, and apply it to either the insurer's Collected Direct Premiums or the insurer's Uncollected Direct Premiums.
1. New section filed 8-22-2012; operative 9-21-2012 (Register 2012, No. 34).
Note: Authority cited: Section 13170, Revenue and Taxation Code. Reference: Article XIII, Section 28, California Constitution; Sections 12001, 12201, 12221, 12231, 12232, 12302, 12303, 12304, 12421 and 12422, Revenue and Taxation Code; Sections 19, 20, 21, 28, 47, 736, 1530 and 12740, Insurance Code; State Board of Equalization Memorandum Opinion in California Automobile Insurance Company (December 12, 2006).
