Sec. 27.8. Annual premium tax statement

(a) In compliance with section 2118(d) of the Insurance Law, a licensed excess line broker shall execute and electronically file an annual premium tax statement, by March 15th, on a form prescribed by the superintendent, except as provided in section 27.21 of this Part.

(b) The annual premium tax statement shall:

(1) report excess line premiums on a written basis (and not on a cash received basis), or indicate that there are no excess line premiums to report; and

(2) report all additional premiums charged and all return premiums paid to an insured due to cancellations, adjustments made on deposit or minimum premiums, audit premiums as determined at the end of the policy period, premiums received as the result of endorsements to existing policies, installment premiums, or any premiums that vary from those reported on the excess line broker's affidavit during the year.

(c) Every excess line broker shall pay to the superintendent a sum equal to three and six- tenths percent (0.036) of the total gross premium charged the insured, less the amount of premiums returned to the insured.

(d) Checks or electronic payment of the premium tax shall be payable to the order of the Superintendent of Financial Services and accompany the annual premium tax statement.

(e) No excess line broker shall file an affidavit or pay any premium tax in connection with an insurance policy issued by an unauthorized insurer unless the licensed excess line broker has placed the policy with the insurer in compliance with all applicable provisions of this Part.