Wyo. Code R. 044-0002-38
General Agency, Board or Commission Rules
Chapter 38: Regulation Governing Allocation of Premium for the Purpose of Taxation
Effective Date: 07/13/2017 to Current
Rule Type: Current Rules & Regulations
Reference Number: 044.0002.38.07132017
REGULATIONS GOVERNING ALLOCATION OF PREMIUM FOR THE PURPOSE OF TAXATION
Section 1. Authority
These regulations are promulgated pursuant to W.S. §§ 16-3-101 et seq., 26-2-110(a), 26-3-102(b) and 26-4-103.
Section 2. Scope
These regulations apply to each insurer that has direct premium income from or as a result of persons, property, subjects or risks located, resident, or to be performed in Wyoming.
Section 3. Proper Proportionate Allocation of Premium Taxes
(a) For the purpose of reporting and paying premium taxes, the amount of premium or consideration for insurance as to persons, property, subjects or risks in Wyoming insured, or covered under policies or contracts covering persons, property, subjects, or risks located or resident in more than one (1) state, shall be determined as follows:
(i) The result obtained when the percentage derived by dividing the number of Wyoming risks by the total number of risks under such policy or contract is multiplied by the total direct premium income derived from the policy or contract; or
(ii) The exact amount of premium or consideration collected from or on behalf of each person, property, subject or risk which is, in fact, located, resident or to be performed in Wyoming.
Section 4. Exclusiveness
No method of allocation which fails to recognize the actual locations, residences, or situs of performance as used herein shall be permissible.
Section 5. Foreign Contracts
These regulations are applicable notwithstanding the fact that the policy or contract of insurance is entered into, or the premiums are paid and received, in a state or states other than Wyoming.
Section 6. Amended Annual Premium Tax Returns
Amended annual premium tax returns will only be accepted within twelve (12) months after the original filing deadline.
Any claim for a refund due to an amended annual tax return shall be filed with the subsequent annual tax return that is due on March 1 in accordance with W.S. 26-4-103(k)(ii).
These regulations shall become effective upon filing with the Secretary of State.