§ 27-34.3-13. Credits for assessments paid (tax offsets).
(a) A member insurer may offset against its premium, franchise or income tax liability (or liabilities) to this state an assessment described in § 27-34.3-9(h) to the extent of ten percent (10%) of the amount of the assessment for each of the five (5) calendar years following the year in which the assessment was paid. In the event a member insurer should cease doing business, all uncredited assessments may be credited against its premium, franchise, or income tax liability (or liabilities) for the year it ceases doing business.
(b) Any sums which are acquired by refund, pursuant to § 27-34.3-9(f), from the association by member insurers, and which have been offset against premium, franchise or income taxes as provided in subsection (a) of this section, shall be paid by the insurers to this state in any manner that the tax authorities may require. The association shall notify the commissioner that refunds have been made.
History of Section.P.L. 1995, ch. 114, § 1.
Structure Rhode Island General Laws
Chapter 27-34.3 - Rhode Island Life and Health Insurance Guaranty Association Act
Section 27-34.3-1. - Short title.
Section 27-34.3-3. - Coverage and limitations.
Section 27-34.3-4. - Construction.
Section 27-34.3-5. - Definitions.
Section 27-34.3-6. - Creation of the association.
Section 27-34.3-7. - Board of directors.
Section 27-34.3-8. - Powers and duties of the association.
Section 27-34.3-9. - Assessments.
Section 27-34.3-10. - Plan of operation.
Section 27-34.3-11. - Duties and powers of the commissioner.
Section 27-34.3-12. - Prevention of insolvencies.
Section 27-34.3-13. - Credits for assessments paid (tax offsets).
Section 27-34.3-14. - Miscellaneous provisions.
Section 27-34.3-15. - Examination of the association — Annual report.
Section 27-34.3-16. - Tax exemptions.
Section 27-34.3-17. - Immunity.
Section 27-34.3-18. - Stay of proceedings — Reopening default judgments.