1. (A) In addition to all license fees and taxes otherwise provided by law, there is levied upon each insurance company licensed by the director or his designee an insurance premium tax based upon total premiums, other than workers' compensation insurance premiums, and annuity considerations, written by the company in the State during each calendar year ending on the thirty-first day of December. For life insurance, the insurance premium tax levied herein is equal to three-fourths of one percent of the total premiums written. For all other types of insurance, the insurance premium tax levied in this section is equal to one and one-fourth percent of the total premiums written. In computing total premiums, return premiums on risks and dividends paid or credited to policyholders are excluded.
2. (B) The insurance premium taxes collected by the director or his designee pursuant to this section must be deposited by him in the general fund of the State.

HISTORY: Former 1976 Code Section 38-7-20 [1960 (51) 1554; 1962 Code Section 37-172; 1964 (53) 2139; 1982 Act No. 403, Section 2] recodified as Section 38-63-520 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-5-520 [1986 Act No. 540, Part II, Section 31 B] recodified as Section 38-7-20 by 1987 Act No. 155, Section 1; 1987 Act No. 170, Part II, Section 40 B (amendment to former 1976 Code Section 38-5-520 transferred to Section 38-7-20 by 1987 Act No. 155, Section 24]; 1993 Act No. 181, Section 534; 2003 Act No. 73, Section 2, eff June 25, 2003.