South Dakota Codified Laws 58-32-44. Tax on premiums–Time for remittance–Credit to general fund
Before the first day of April of each year, each broker shall remit to the state treasurer, through the director of the Division of Insurance, a tax on the premiums, exclusive of sums collected to cover federal and state taxes and examination fees, on surplus line insurance transacted by the broker at the rate and in the manner provided by § 10-44-2. If in any prior calendar year a broker collects and remits in excess of five thousand dollars of surplus lines premium tax, the broker shall in the following year remit the tax on a quarterly basis. The tax is in lieu of all other taxes upon such insurers with respect to the business so reported. When collected, the tax shall be credited to the general fund. If the director has entered into an agreement as provided for by § 58-32-45, taxes may be required to be remitted as may be specified by such an agreement.
Terms Used In South Dakota Codified Laws 58-32-44
- Broker: as used in this chapter means a surplus line broker duly licensed as such under this chapter. See South Dakota Codified Laws 58-32-2
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
Source: SL 1966, ch 111, ch 11, § 18 (1); SL 1980, ch 360; SL 2011, ch 223, § 4.