375.916. Retaliatory tax, how assessed and paid, exceptions — workers' compensation paid losses, how treated.

538 words·~2 min read·/mo/chapter-375/375-916

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375.916. Retaliatory tax, how assessed and paid, exceptions — workers' compensation paid losses, how treated. — 1. When by the laws of any other state or foreign country any premium or income or other taxes, or any fees, fines, penalties, licenses, deposit requirements or other obligations, prohibitions or restrictions are imposed upon Missouri insurance companies or carriers doing business, or that might seek to do business, in the other state or country, which in the aggregate are in excess of the taxes, fees, fines, penalties, licenses, deposit requirements or other obligations, prohibitions or restrictions directly imposed upon insurance companies of the other state or foreign country under the statutes of this state, so long as the laws continue in force, the same obligations, prohibitions, and restrictions of whatever kind shall be imposed upon insurance companies or carriers of the other state or foreign country doing business in Missouri.

Any tax, license or other obligation imposed by any city, county or other political subdivision of a state or foreign country on Missouri insurance companies or carriers shall be deemed to be imposed by the state or foreign country within the meaning of this section, and the director of the department of commerce and insurance for the purpose of this section shall compute the burden of the tax, license or other obligations on an aggregate statewide or foreign-countrywide basis as an addition to the tax and other charges payable by similar Missouri insurance companies or carriers in the state or foreign country.

The provisions of this section shall not apply to ad valorem taxes on real or personal property, personal income taxes or to assessments on or credits to insurers for the payment of claims of policyholders of insolvent insurers. An insurance company claiming a state premium tax credit or deduction shall not be required to pay any additional retaliatory tax levied pursuant to this section as a result of claiming such credit or deduction.

2. All licenses, fees, taxes, fines or penalties collectible under this section shall be paid to the director of revenue. The payment and assessment of retaliatory tax shall be made on an estimated quarterly basis in the same manner as premium insurance tax as provided in sections 148.310 to 148.461 .

3. Effective January 1, 2012, notwithstanding any other provision of law to the contrary, operating assessments based upon workers' compensation paid losses that are imposed upon an insurance company by the laws of its state or foreign country of domicile shall not be considered any premium or income or other taxes or any fees, fines, penalties, licenses, deposit requirements or other obligations, prohibitions or restrictions, provided that with respect to the tax year in question the insurance company has its principal place of business within this state and receives more than three million dollars of direct insurance premiums on account of business done in this state.

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(RSMo 1939 § 6046, A.L. 1945 p. 1017, A. 1949 H.B. 2092, A.L. 1951 p. 261, A.L. 1967 p. 516, A.L. 1982 S.B. 470, A.L. 1983 S.B. 125, A.L. 2011 S.B. 132)

(Source: RSMo 1959 § 375.450)

CROSS REFERENCE:

Director of the department of commerce and insurance or director of revenue must make supplemental assessment, when, 374.245