1.  Each insurer which, pursuant to NRS 680B.027, paid or is required to pay a tax of at least $2,000 on net direct premiums and net direct considerations written during the preceding calendar year, shall file a quarterly report in such form as prescribed by the Executive Director of the Department of Taxation. Each report must be accompanied by a payment made payable to the Department of Taxation in an amount equal to the tax required to be paid on net direct premiums and net direct considerations written during the preceding calendar quarter. Each quarterly payment is due on the last day of the last month in each calendar quarter and is payable on or before the last day of the month next succeeding the calendar quarter for which the payment is due.

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2.  If an overpayment of the tax imposed by NRS 680B.027 results from the payments made pursuant to this section, the insurer shall apply the overpayment against each succeeding quarterly payment due in the current calendar year until the overpayment has been extinguished.