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March 30, 2009 at 08:00 PM
State insurance departments use many different, conflicting rules for defining the term “premium.”
Members of the premium survey subgroup, part of the Blanks Working Group at the National Association of Insurance Commissioners, Kansas City, Mo., have published that in a premium survey results summary.
The NAIC’s Financial Condition Committee, the parent of the Blanks Working Group, has posted the summary on its Web site.
All but 4 of the 51 jurisdictions surveyed returned their questionnaires, and 33 of the 47 respondents said the insurance department in their jurisdiction handles life premium tax collection.
Although 46 of the jurisdictions use the annual statutory financial statement to confirm information appearing on the premium tax form, 40 use both Schedule T and the state page, and 5 use either the Schedule T or the state page but not both, premium survey subgroup members write in the survey results summary.
