Sec. 5. (a) All fire insurance companies licensed to transact business in Indiana shall pay to the treasurer of state before March 2 of each year an amount equal to one-half of one percent (0.5%) of the gross premiums of each company, received on fire risks written in Indiana, after deducting return premiums and considerations received from reinsurance, as reported by them to the auditor of state for the payment of premium taxes as provided by statute.
(b) Annual payment under subsection (a) by these companies is in addition to all taxes and license fees required by statute to be paid by fire insurance companies doing business in Indiana.
(c) If any fire insurance company licensed, authorized, or incorporated to transact business in Indiana fails to pay into the state treasury on June 30 and December 31 of each year the taxes required by this section, the department of insurance shall revoke its license and may not license it to do business in Indiana for two (2) years after the date its license is revoked under this subsection.
As added by P.L.245-1987, SEC.1.
Structure Indiana Code
Article 12. Fire Safety, Building, and Equipment Laws: General Administration
Chapter 6. Administration of Funds; Fire Insurance Policy Premium Tax; Fees
22-12-6-1. Fire and Building Services Fund
22-12-6-3. Statewide Fire and Building Safety Education Fund
22-12-6-5. Fire Insurance Companies; Assessment of Premium Tax; Failure to Pay; License Revocation
22-12-6-6. Fee Schedules; Fire Prevention and Building Safety Commission
22-12-6-6.5. Acceptance Inspection Fee