| | | otherwise, on contracts written on risks located or resident in | | the State for insurance of life, annuity, fire, casualty and | | other risks at the rate of 2% a year. Every surplus lines | | insurer that does business or collects premiums in the State | | shall, for the privilege of doing business in this State, and in | | addition to any other taxes imposed for such privilege, pay a tax | | upon all gross direct premiums, whether in cash or otherwise, on | | contracts written on risks located or resident in the State at | | the rate of 3% a year. The tax must be paid by the insurer's | | licensed producer with surplus lines authority pursuant to Title | | 24-A, section 2016. For purposes of this section, the term | | "annuity considerations" includes amounts paid to an insurance | | company when received for the purchase of a contract that may | | result in an annuity, even when the annuitization never occurs or | | does not occur until some time in the future and the amounts are | | in the meantime applied to an investment vehicle other than an | | annuity. |
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| | | Notwithstanding this section, annuity considerations received | | in tax years ending prior to January 1, 1999 upon which no tax | | was paid in the year received must be taxed in the year in which | | an annuity is actually purchased. |
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| | | Notwithstanding this section, for income tax years commencing | | on or after January 1, 1989, the tax imposed by this section upon | | all gross direct premiums collected or contracted for on long- | | term care policies, as certified by the superintendent pursuant | to Title 24-A, section 5054, shall | | year. |
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| | | Notwithstanding this section, for tax years commencing on or | | after January 1, 1997, the tax imposed by this section with | | respect to premiums on qualified group disability policies | | written by every insurer, except a large domestic insurer, must | | be at the rate of 1% and must be at the rate of 2.55% with | | respect to those premiums written by every large domestic | | insurer. For the purposes of this section, the term "qualified | | group disability policies" is limited to group health insurance | | policies properly reported as such in the insurer's annual | | statement and whose sole coverage is the full or partial | | replacement of an individual's income in the event of disability. | | Policies that contain coverages in addition to replacement of | | income coverage are considered to solely provide that coverage as | | long as the premium related to the additional coverages is not | | more than 10% of the total premium charged. The term "qualified | | group disability policies" does not include workers' compensation | | insurance policies, policies that include coverages that are | | collectively renewable, policies that provide for credit | | disability insurance or policies that pay benefits only upon the | | occurrence of hospitalization. For purposes of |
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