Effective: September 29, 2013
Latest Legislation: House Bill 59 - 130th General Assembly
(A) If the superintendent of insurance finds the annual statement required by section 5729.02 of the Revised Code to be correct, the superintendent shall compute the following amount, as applicable, of the balance of such gross amount, after deducting such return premiums and considerations received for reinsurance, and charge such amount to such company as a tax upon the business done by it in this state for the period covered by such annual statement:
(1) If the company is a health insuring corporation, one per cent of the balance of premium rate payments received, exclusive of payments received under the medicare program and exclusive of payments received pursuant to the medicaid program for the period ending September 30, 2009, as reflected in its annual report;
(2) If the company is not a health insuring corporation, one and four-tenths per cent of the balance of premiums received, exclusive of premiums received under the medicare program and exclusive of payments received pursuant to the medicaid program for the period ending September 30, 2009, as reflected in its annual statement, and, if the company operates a health insuring corporation as a line of business, one per cent of the balance of premium rate payments received from that line of business, exclusive of payments received under the medicare program and exclusive of payments received pursuant to the medicaid program for the period ending September 30, 2009, as reflected in its annual statement.
Each foreign insurance company, including health insuring corporations, receiving payments pursuant to the medicaid program during the period beginning October 1, 2009, and ending December 31, 2009, shall file with the 2009 annual statement to the superintendent a schedule that reflects those payments received pursuant to the medicaid program for that period. The payments reflected in the schedule, plus all other taxable premiums, are subject to the annual franchise tax due to be paid in 2010.
(B) Any insurance policies that were not issued in violation of Title XXXIX of the Revised Code and that were issued prior to April 15, 1967, by a life insurance company organized and operated without profit to any private shareholder or individual, exclusively for the purpose of aiding educational or scientific institutions organized and operated without profit to any private shareholder or individual, are not subject to the tax imposed by this section. All taxes collected pursuant to this section shall be credited to the general revenue fund.
(C) In no case shall the tax imposed under this section be less than two hundred fifty dollars.
Structure Ohio Revised Code
Chapter 5729 | Foreign Insurance Companies
Section 5729.01 | Return Premiums.
Section 5729.02 | Annual Statements of Foreign Insurance Companies.
Section 5729.03 | Computation and Collection of Tax.
Section 5729.031 | Credit Against Imposed Tax.
Section 5729.032 | Refundable Credit Against Tax on Foreign Insurance Company.
Section 5729.04 | Gross Premiums of Mutual and Stock Insurance Companies.
Section 5729.05 | Payment of Tax - Due Date - Refund.
Section 5729.06 | Retaliatory Tax Rate.
Section 5729.07 | Eligible Employee Training Costs Tax Credit.
Section 5729.08 | Issuance of Tax Credits by Ohio Venture Capital Authority.
Section 5729.09 | Annual Report Required of Chief Officer.
Section 5729.101 | Late Returns - Computation and Accrual of Interest.
Section 5729.102 | Application for Refund - Assessment of Deficiency.
Section 5729.11 | Penalty for Nonpayment of Taxes.
Section 5729.12 | Inspection of Books by Superintendent of Insurance.
Section 5729.13 | Revocation of Right to Do Business.
Section 5729.14 | Right to Deny Admission to Companies Which Violate Laws.
Section 5729.15 | Expenses of Inspection to Be Paid by Company.
Section 5729.17 | Tax Credit for Insurer That Owns a Rehabilitation Tax Credit Certificate.
Section 5729.18 | Transformational Mixed Use Development Tax Credit.
Section 5729.98 | Order of Claims for Tax Credits and Offsets.