The Kentucky Unauthorized Insurance Tax Return Form is a document required by the Commonwealth of Kentucky for insurers who are not authorized to conduct business in the state. This form is used to report gross premium receipts for different types of insurance, including life, accident, health, and other insurance premiums. It is part of the state’s system to ensure that unauthorized insurers pay the appropriate premium tax of 2% on total taxable premiums for the preceding calendar year. The form must be filed annually by March 1st, and it includes information such as the insurer’s company details, premium receipts, membership fees, and other financial data related to their insurance operations in Kentucky. Failure to file this form correctly and on time may result in penalties or legal issues for the insurer.
How to File the Kentucky Unauthorized Insurance Tax Return
Filing the Kentucky Unauthorized Insurance Tax Return Form involves completing the required information, calculating your premium tax, and submitting the form to the Kentucky Department of Revenue. Here’s a breakdown of the process:
- Complete the Form: Fill out all required sections of the form accurately. Ensure that you have reported the gross premium receipts, membership fees, and any other considerations that contribute to the taxable amount.
- Calculate the Tax: The form requires the calculation of a 2% premium tax on the total taxable premiums. This tax is calculated based on the figures you enter in the form.
- Payment: You can make the payment either through check or online. If paying by check, make it payable to the Kentucky State Treasurer and mail the form and the payment to the Kentucky Department of Revenue at the specified address. For online payments, make sure to send the “Payment Schedule Confirmation” page along with the form to one of the provided addresses.
- Submit the Form: The completed form, along with the payment (or proof of online payment), must be sent to the Kentucky Department of Revenue by March 1st of the following year.
How to Complete the Kentucky Unauthorized Insurance Tax Return Form
Here are the detailed, step-by-step instructions for each section of the Kentucky Unauthorized Insurance Tax Return Form. Make sure to fill out every section accurately and thoroughly to avoid delays or penalties.
- Company Information
- Home Office Address: Enter the full street address of the insurer’s home office. This should include the building number, street name, and city, followed by the state and ZIP code.
- Mailing Address: Provide the mailing address where you want to receive any correspondence from the Kentucky Department of Revenue.
- State of Organization: Indicate the state where the company is legally organized.
- Date of Organization: Enter the date when the company was originally organized.
- Location of the Company’s Books: Specify the location where the company’s books and records are maintained.
- Company Identification
- Company Name: Write the full legal name of the insurance company as registered.
- FEIN: Enter the Federal Employer Identification Number (FEIN) for the insurance company.
- NAIC Company Code: Provide the National Association of Insurance Commissioners (NAIC) company code.
- Gross Premium Receipts
- Line 1: Report the total gross premium receipts for the preceding calendar year. This should include all premiums collected for insurance policies in Kentucky.
- Dividends and Other Considerations
- Line 2: Enter the dividends applied for premiums and other additions received. This includes any dividends or adjustments applied toward premiums that are part of the gross receipts.
- Membership Fees and Other Considerations
- Line 3: Enter the total membership fees, assessments, dues, and other considerations received for providing insurance services. This may include fees from insurance memberships or other associated charges.
- Total Taxable Premiums
- Line 4: Add lines 1, 2, and 3 to calculate the total taxable premiums. This is the total amount on which you will be assessed the 2% tax.
- Premium Tax Calculation
- Line 5: Calculate the premium tax by applying 2% to the amount listed in Line 4. Multiply the total taxable premiums by 0.02 to find the premium tax.
- Payment Information
- Paid Online: If the payment was made online, check the box and include the confirmation number. Attach the “Payment Schedule Confirmation” page as proof of the online transaction.
- Signature and Certification
- Signature of President or Principal Officer: The president or principal officer of the company must sign the form to certify that the return is accurate to the best of their knowledge.
- Signature of Chief Accounting Officer: The chief accounting officer also signs to confirm the accuracy of the return.
- Title: Indicate the title of the officer signing the form (e.g., President, CEO, CFO).
- Telephone Number and Email Address: Provide a contact number and email address for any follow-up questions or issues regarding the form.
- Mailing the Form
- The completed form and payment (or proof of payment) should be mailed to the Kentucky Department of Revenue at either:
- P.O. Box 1303, Frankfort, Kentucky 40602-1303
- 501 High Street, Frankfort, Kentucky 40601-2103
- Alternatively, for online payments, send the form and the “Payment Schedule Confirmation” page to the same addresses.