§2532. Authority to enter into multistate agreement
1. Authority; multistate agreement. The State Tax Assessor may, after consultation with the Department of Professional and Financial Regulation, Bureau of Insurance, enter into a multistate agreement, in accordance with the federal Nonadmitted and Reinsurance Reform Act of 2010, Public Law 111-203, Section 521, for the reporting of nonadmitted insurance premiums and the collection and allocation of nonadmitted insurance taxes. For any nonadmitted insurance premiums that are subject to taxation by this State and interstate allocation of taxes in accordance with the federal Nonadmitted and Reinsurance Reform Act of 2010, Public Law 111-203, Section 521, the rate of taxation on each participating state's share of the premium must be that state's applicable nonadmitted insurance premium tax rate.
[PL 2011, c. 331, §15 (NEW); PL 2011, c. 331, §§16, 17 (AFF).]
2. Fiscal analysis; consultation. The State Tax Assessor may not enter into a multistate agreement pursuant to subsection 1 unless the assessor has:
A. Completed a fiscal analysis of the impact of the agreement that examines the expected effects on the State's gross receipt of premium tax; and [PL 2011, c. 331, §15 (NEW); PL 2011, c. 331, §§16, 17 (AFF).]
B. Concluded, after consultation with representatives of surplus lines insurers, admitted insurers and surplus lines producers, that entering into the agreement:
(1) Is in this State's financial best interest;
(2) Does not significantly increase administrative burden and cost to the State, surplus lines insurers and insureds; and
(3) Is consistent with the requirements of the federal Nonadmitted and Reinsurance Reform Act of 2010, Public Law 111-203. [PL 2011, c. 331, §15 (NEW); PL 2011, c. 331, §§16, 17 (AFF).]
[PL 2011, c. 331, §15 (NEW); PL 2011, c. 331, §§16, 17 (AFF).]
SECTION HISTORY
PL 2011, c. 331, §15 (NEW). PL 2011, c. 331, §§16, 17 (AFF).
Structure Maine Revised Statutes
Chapter 357: INSURANCE COMPANIES
36 §2511. Companies taxable; rate (REPEALED)
36 §2512. Annual returns to Superintendent of Insurance
36 §2513. Tax on premiums and annuity considerations
36 §2513-A. Tax on premiums of risk retention groups
36 §2513-B. Tax on premiums collected by captive insurers; rate of tax (REPEALED)
36 §2513-C. Premium tax on travel insurance premiums
36 §2514. Applicability of provisions
36 §2516. Returns to State Tax Assessor (REPEALED)
36 §2517. Mutual fire companies doing mill business; returns
36 §2518. Neglect to make return; assessment; failure to pay
36 §2519. Ratio of tax on foreign insurance companies
36 §2520. Reciprocal contracts of indemnity
36 §2521. Power and authority of domestic companies
36 §2521-A. Returns; payment of tax
36 §2521-B. Self-insurers; return for calendar year 1982 (REPEALED)
36 §2521-C. Returns; payment of tax (REPEALED)
36 §2521-D. Limitation on credit or refund
36 §2521-E. Interest on overpayment
36 §2522. Assessment of tax; notice; suspension for nonpayment
36 §2523. Taxation of workers' compensation insurers
36 §2524. Credit for employer-assisted day care
36 §2525. Employer-provided long-term care benefits
36 §2525-A. Employer-provided long-term care benefits on and after January 1, 2000
36 §2526. Solid waste reduction investment tax credit (REPEALED)
36 §2527. Educational attainment investment tax credit (REPEALED)
36 §2528. Recruitment credit (REPEALED)
36 §2529. Pine Tree Development Zone tax credit
36 §2530. Maine Life and Health Insurance Guaranty Association credit
36 §2531. Taxation of nonadmitted insurance coverage
36 §2532. Authority to enter into multistate agreement
36 §2533. New markets capital investment credit
36 §2534. Credit for rehabilitation of historic properties and affordable housing