Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-45 - CAPTIVE INSURANCE COMPANIES
Rule 120-2-45-.13 - Premium Taxes

(1) Premiums Collected Prior to July 1, 2015.

Companies shall file a premium tax return and pay premium taxes in accordance with Chapter 8 of Title 33 for all direct premiums collected prior to July 1, 2015.

(2) Premium Collected On or After July 1, 2015.

Companies shall file a premium tax return and pay premium taxes in accordance with O.C.G.A. § 33-41-22 utilizing the forms available on the Commissioner's website, for direct and assumed premium received July 1, 2015 to December 31, 2015. The annual premium tax return and tax shall be due on or before March 1, 2016.

On or after January 1, 2016, the annual premium tax return shall be filed in accordance with O.C.G.A. Section 33-41-22 utilizing the forms available on the Commissioner's website, for direct and assumed premium received from January 1 to December 31. The annual premium taxes required under this chapter shall be paid with the filing of the annual premium tax return due March 1 following the close of the preceding year.

Any insurance company that fails to report and pay the required tax with the annual premium tax return when due shall be subject to a monetary penalty of $5,000.00.

The Commissioner for good cause shown may extend for no more than 30 days the time for filing a tax return or paying any amount required to be paid with any return. The extension may be granted at any time, provided that a request therefor is filed with the Commissioner within or prior to the period for which the extension may be granted. Any taxpayer to whom an extension is granted shall pay, in addition to the tax, interest at the rate of 1 percent per month or fraction thereof until the date of payment.

(3) Risk Retention Group Premium Tax.

Companies that operate as a risk retention group shall file and pay premium taxes in accordance with O.C.G.A. § 33-40-5.