Rhode Island General Laws 27-46-10. Purchasing group taxation
Premium taxes and taxes on premiums paid for coverage of risks resident or located in this state by a purchasing group or any members of the purchasing groups shall be:
(1) Imposed at the same rate and subject to the same interest, fines, and penalties as that applicable to premium taxes and taxes on premiums paid for similar coverage from a similar insurance source by other insureds; and
(2) Paid first by the insurance source, and if not by the source by the agent or broker or producer for the purchasing group, and if not by the agent or broker or producer then by the purchasing group, and if not by the purchasing group then by each of its members.
History of Section.
P.L. 1991, ch. 348, § 1.
Terms Used In Rhode Island General Laws 27-46-10
- Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk, which is determined to be insurance under the laws of this state. See Rhode Island General Laws 27-46-2
- Purchasing group: means any group which:
(i) Has as one of its purposes the purchase of liability insurance on a group basis;
(ii) Purchases the insurance only for its group members and only to cover their similar or related liability exposure, as described in subsection (10)(iii);
(iii) Is composed of members whose business or activities are similar or related with respect to the liability to which members are exposed by virtue of any related, similar, or common business, trade, product, services, premises, or operations; and
(iv) Is domiciled in any state. See Rhode Island General Laws 27-46-2
- State: means any state of the United States or the District of Columbia. See Rhode Island General Laws 27-46-2