Code of Virginia § 58.1-2501.1. Premium tax; travel insurance.
251 words·~1 min read·
/va/title-58-1/chapter-25/58-1-2501-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. As used in this section:
"Blanket travel insurance" has the same meaning ascribed thereto in § 38.2-1887 .
"Primary certificate holder" has the same meaning ascribed thereto in § 38.2-1887 .
"Primary policyholder" has the same meaning ascribed thereto in § 38.2-1887 .
"Travel assistance services" has the same meaning ascribed thereto in § 38.2-1887 .
"Travel insurance" has the same meaning ascribed thereto in § 38.2-1887 .
B. A travel insurer shall pay premium tax as provided in § 58.1-2501 on travel insurance premiums paid by any of the following:
1. A primary policyholder who is a resident of the Commonwealth;
2. A primary certificate holder that is a resident of the Commonwealth; or
3. A blanket travel insurance policyholder that is a resident of the Commonwealth or that has its principal place of business or the principal place of business of an affiliate or subsidiary that has purchased blanket travel insurance in the Commonwealth for eligible blanket group members, subject to apportionment rules that apply to the insurer across multiple taxing jurisdictions or that permits the insurer to allocate premiums on an apportioned basis in a reasonable and equitable manner in those jurisdictions.
C. A travel insurer shall
(i)document the state of residence or principal place of business of the primary policyholder or primary certificate holder and
(ii)report as premium only the amount allocable to travel insurance and not any amounts received for travel assistance services or cancellation fee waivers.
2019, cc. 266 , 346 .