§ 44-17-2 - Amounts included as gross premiums.
SECTION 44-17-2
§ 44-17-2 Amounts included as grosspremiums. – Except where such a charge would be inconsistent with federal law, grosspremiums include all premiums and premium deposits and assessments on allpolicies, certificates, and renewals, written during the year, coveringproperty and risks within the state, policies subsequently cancelled, andreinsurance assumed, whether the premiums and premium deposits and assessmentsare in the form of money, notes, credits, or other substitute for money, afterdeducting from the gross premiums the amount of return premiums on thecontracts covering property and risks within this state and the amount ofpremiums for reinsurance assumed, of the property and risks. Mutual companiesand companies which transact business on the mutual plan are also allowed todeduct from their premiums and premium deposits and assessments, the so-calleddividends or unused or unabsorbed portion of the premiums and premium depositsand assessments applied in part payment of the premiums and premium depositsand assessments or returned to policyholders in cash or credited to policyholders during the year for which the tax is computed. Every domestic company,mutual association, organization, or other insurer, shall include for taxationin like manner and with like deductions premiums and premium deposits andassessments written, procured, or received in this state on business coveringproperty or risks in any other state on which the company has not paid and isnot liable to pay a tax to the other state.