- (1) The amount of an assessment allowed as a qualified asset may not exceed 2-1/2 times the amount of premium or income tax paid for the previous calendar year.
- (2) The commissioner may disallow an assessment as a qualified asset if the commissioner determines a company is unlikely to realize a present or future premium tax or income tax offset because of the assessment.
- (3) An insurer is considered to have paid income or premium tax when it reduces its gross premium tax liability by use of a credit or other legally allowable deduction.
KEY: insurance law
Date of Last Change: January 24, 2023
Notice of Continuation: November 4, 2024
Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-17-201