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Tax Rates
Taxable insurers must pay tax on premiums at the following rates:
Insurance Contract Type |
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Life |
2.0% |
Accident and Sickness |
2.0% |
Indemnification or Compensation for Loss of Wages |
2.0% |
Property |
4.4% |
Automobile |
4.4% |
All other insurance contracts |
4.0% |
Unlicensed Insurers
If insurance is purchased from an unlicensed insurer, the purchaser of the insurance must pay Insurance Premium Tax equal to 7% of the premium paid. For more information, please see Bulletin IPT 002, Insurance Purchased from an Unlicensed Insurer.
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