Chapter 297I — Tax Imposed

297I.01 Definitions This section defines the key terms used throughout Chapter 297I, which governs the insurance premium tax that insurance … 297I.05 Tax Imposed This section imposes the insurance premium tax on Minnesota insurance companies. The basic rate is two percent of all … 297I.06 Surcharges on Fire Safety Premiums This section requires insurers selling homeowners and certain commercial fire policies in Minnesota to collect a … 297I.10 Surcharge on Premiums to Restore Deficiency in Special Fund This section requires insurance companies to pay a two percent surcharge on fire, lightning, and sprinkler leakage … 297I.11 Automobile Theft Prevention Surcharge This section requires auto insurers to collect a surcharge of 50 cents per vehicle per six months of coverage from … 297I.15 Exemptions From Tax This section lists certain types of insurance premiums that are exempt from the insurance premium tax. Exempt premiums … 297I.20 Offsets Against Premium Taxes Insurance companies can reduce their Minnesota premium tax by the amount of certain assessments they have paid to … 297I.25 Information Returns This section requires certain brokers and agents—particularly those who place business with unlicensed foreign … 297I.26 Fire and Police Premium Reports Licensed insurance companies must file annual reports by March 1 with the commissioner of revenue showing the fire and … 297I.30 Due Dates for Filing Returns Insurance companies subject to the premium tax must file annual returns by March 1 of the following year, covering the … 297I.35 Payment of Tax Insurance companies must pay all premium tax and surcharges owed at the same time they file their annual return, which … 297I.40 Estimated Tax Large insurance companies must make quarterly estimated premium tax payments to the commissioner of revenue on March 15, … 297I.45 This section was repealed in 2005 as part of a reorganization of the insurance premium tax laws. The content that was … 297I.50 This section was repealed in 2005 as part of a reorganization of the insurance premium tax laws. The content that was … 297I.55 This section was repealed in 2005 as part of a reorganization of the insurance premium tax laws. The content that was … 297I.60 Claims for Refund Insurance companies that overpay their premium tax can file a written claim for a refund. The claim must describe who is … 297I.65 Limitations of Time for Assessment of Tax The commissioner of revenue generally has 3.5 years from the date a return is filed to assess additional insurance … 297I.70 Limitation on Claims for Refund Insurance companies have 3.5 years from the original return due date, or one year from an assessment order, whichever is … 297I.75 Consent to Extend Time The commissioner of revenue and an insurance company can agree in writing to extend the normal time limits for assessing … 297I.80 Interest Unpaid insurance premium tax and surcharges bear interest from the date they were due until the date they are paid. The … 297I.85 Civil Penalties Insurance companies that fail to file returns on time face a five percent late-filing penalty on unpaid tax. A separate … 297I.90 Criminal Penalties Criminal penalties apply when someone knowingly fails to file a required insurance premium tax return (gross … 297I.95 This section was repealed in 2005 as part of a reorganization of the insurance premium tax laws. The content that was …