40-4349. Same; taxation. (a) Each special purpose insurance captive shall pay to the commissioner on or before May 1 of each year a premium tax at the rate of 0.214 of 1% on the first $20,000,000 of the assumed reinsurance premium, 0.143 of 1% on the next $20,000,000, 0.048 of 1% on the next $20,000,000 and 0.024 of 1% of each dollar thereafter. No reinsurance premium tax shall be payable in connection with the receipt of assets in exchange for the assumption of loss reserves and other liabilities of another insurer under common ownership and control if such transaction is part of a plan to discontinue the operations of such other insurer, and if the intent of the parties to such transaction is to renew or maintain such business with the captive insurance company.
(b) The premium tax imposed by subsection (a) shall constitute all taxes collectible under the laws of this state from any special purpose insurance captive, and no other occupation tax or other taxes shall be levied or collected from any captive insurance company by the state or any county, city or municipality within this state, except ad valorem taxes on real and personal property used in the production of income.
(c) Every special purpose insurance captive shall, on or before February 1 of each year, make a return on a form provided by the commissioner, verified by the affidavit of the company's president and secretary or other authorized officers, to the commissioner stating the amount of all direct premiums received and assumed reinsurance premiums received, whether in cash or in notes, during the year ending on December 31 next preceding. Upon receipt of such returns, the commissioner shall verify the same and certify the amount of tax due from the various companies on the basis and at the rate provided in this section, on or before March 31 of each year. The commissioner shall immediately thereafter notify and assess each company the amount of tax due.
(d) A special purpose insurance captive failing to make returns as required by subsection (c), or failing to pay within the time required all taxes assessed by this section, shall be subject to the provisions of K.S.A. 40-2806, and amendments thereto.
History: L. 2018, ch. 50, ยง 32; July 1.
Structure Kansas Statutes
Article 43 - Captive Insurance Companies
40-4307 Annual report of financial condition.
40-4308 Examination of companies; report; orders; confidentiality.
40-4309 Suspension or revocation of certificate of authority; grounds.
40-4310 Investments; restrictions and limitations.
40-4311 Reinsurance authority; requirements and limitation; credit for reserves on risks ceded.
40-4312 No requirement to join rating organization.
40-4313 Companies prohibited from joining or benefiting from insolvency guarantee funds; notice.
40-4317 Rules and regulations; exemptions.
40-4320 Same; actions requiring prior approval of commissioner.
40-4321 Same; books and records; maintenance requirements.
40-4322 Same; fund established.
40-4323 Same; dormant captive insurance companies; certification of; renewal.
40-4324 Same; notification of material change required.
40-4325 Branch captive insurance companies; establishment.
40-4327 Same; capital requirements; exemptions.
40-4328 Same; certification of general good required.
40-4330 Same; examinations; confidentiality.
40-4332 Special purpose insurance captives; definitions.
40-4334 Same; certification required; requirements.
40-4335 Same; plan of operation.
40-4336 Same; commissioner's findings to approve application.
40-4337 Same; incorporation of companies.
40-4338 Same; miscellaneous requirements.
40-4340 Same; issuance of securities.
40-4341 Same; asset management.
40-4342 Same; admitted assets.
40-4343 Same; prohibited activities.
40-4344 Same; dividends and distributions; limitations.
40-4345 Same; plan of operation; changes.
40-4346 Same; affiliated agreements.
40-4348 Same; examinations; reports.
40-4350 Same; confidentiality.
40-4351 Same; conservation, rehabilitation or liquidation, grounds for.