76.60 Fire, travel, and marine insurers; license fees.
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/wi/chapter-76/76-60A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
76.60 Fire, travel, and marine insurers; license fees. Every insurer doing a fire, travel, or marine insurance business, other than domestic insurers and insurers excepted under s. 76.61 , shall pay to the state, in respect to travel or marine insurance a tax of 0.5 percent and in respect to fire insurance a tax of 2.375 percent on the amount of its gross premiums, as calculated under s. 76.62 . In case any insurer discontinues business in this state and reinsures the whole or a part of its risks without making payment of this tax, the insurer accepting such reinsurance shall pay the tax.
If several insurers make such reinsurance the tax shall be apportioned among the insurers in proportion to the original premiums upon the business in this state so reinsured by each such insurer. Upon the payment of the tax provided in this section, and the fees required by s. 601.31 , such insurer may be licensed to transact its business until May 1 in the ensuing year, unless before then its license is revoked or forfeited according to law. In the case of travel insurance, the premiums subject to tax under this section are the premiums for travel insurance, as defined in s. 632.977
(i), paid by an individual who is a resident of this state and who purchases travel insurance coverage under an individual or group policy or paid by a person who is a resident of or has a principal place of business in this state and who purchases blanket travel insurance, as defined in s. 632.977
(a).