12-2624. Gross premium tax, rate, payment; deductions for cancellations and dividends. In addition to the fees required to be paid in K.S.A. 12-2622, and amendments thereto, and as a condition precedent to the continuation of the certificate of authority provided in this act, all group-funded pools shall pay no later than 90 days after the end of each fiscal year a tax upon the annual Kansas gross premium collected by the pool at the rate of 1% per annum applied to the collective premium relating to all Kansas members of the pool for the preceding fiscal year. In the computation of the tax, all pools shall be entitled to deduct any annual Kansas gross premiums returned on account of cancellation or dividends returned to members of such pools or expenditures used for the purchase of specific and aggregate excess insurance, as provided in subsection (h) of K.S.A. 12-2618, and amendments thereto.
History: L. 1987, ch. 74, § 9; L. 1991, ch. 60, § 3; May 23.
Structure Kansas Statutes
Chapter 12 - Cities And Municipalities
12-2615 Uninsured risks; payment of; funds.
12-2616 Name and citation of act; application of 40-2209 and 40-2215.
12-2618 Certificate of authority to operate pool; application; hearing upon denial of application.
12-2619 Irrevocable consent for service of process on commissioner of insurance.
12-2621 Premium contributions, determination, deposit and use; refunds.
12-2624 Gross premium tax, rate, payment; deductions for cancellations and dividends.
12-2628 Licensing of persons or agencies soliciting insurance business for pool.
12-2629 Commissioner of insurance to provide advice and counsel to local governments.