Section 21.66.110. Annual tax on title insurance premiums.

   (a) Each title insurance company shall pay a tax of one percent of the amount of gross title insurance premiums received by it, including as premium income received from guaranteed certificates of title and other guarantees of title covering property in this state, as shown by its annual statement to the director. The director shall specify the due dates and the method of payment.
   (b) The provisions of AS 21.96.070 apply to a taxpayer who is required to pay the tax due under this section.
   (c) A title insurance company shall pay to the division a late payment fee of $50 a month plus five percent of tax due each calendar month or part of a month during which the insurer fails to pay the full amount of the tax or a portion of the tax and interest at the rate of one percent of the tax due each calendar month or part of a month for the period the insurer fails to pay the premium tax. The late payment fee, not including interest, may not exceed $250 plus 25 percent of the tax due. The tax payment shall be made in the form required by the director, or a penalty shall be added to the tax equal to 25 percent of the tax due, not to exceed $2,000, with a minimum penalty of $100. In addition to any other penalty provided by law, if the provisions of this section are wilfully violated, then a civil penalty may be assessed of not more than $10,000. The director may suspend or revoke the certificate of authority of a title insurance company that fails to pay its taxes, a penalty, or a late payment fee as required under this section.

Authorities

21.09.210;21.55.430;21.96.070

Notes

Implemented As

3 AAC 21.550
3 AAC 21.560
3 AAC 21.570

References

3 AAC 21.550
3 AAC 21.560
3 AAC 21.570
AS 21.09.210 Tax on insurers.
AS 21.55.430 Alaska comprehensive health insurance fund.
AS 21.96.070 Insurance tax education credit.

History

(Sec. 1 ch 120 SLA 1966; am Sec. 159 ch 67 SLA 1992; am Sec. 2 ch 21 SLA 1994; am Sec. 91 ch 81 SLA 1997; am Sec. 50 ch 38 SLA 2002; am Sec. 45 ch 96 SLA 2004)