La. Admin. Code tit. 61 § V-2301

Current through Register Vol. 50, No. 6, June 20, 2024

Section V-2301 - Guidelines for Ascertaining the Fair Market Value of Insurance Companies

A. The Tax Commission will assess insurance companies with a taxable situs within the state of Louisiana at 15 percent of the average monthly amount of direct premiums written during the previous year.

B. Credit assessments of insurance companies shall be allocated to the parish where the company's official domicile is registered and/or recorded or, lacking same, to the parish of domicile of its designated principal agent pursuant to R.S. 47:1952(C).

C. The Secretary of State will act as agent for service of process for those companies operating within Louisiana which do not designate a principal agent. In these cases, the secretary of state will become the non-reporting insurance company's principal agent for taxation purposes and the appropriate assessment will be allocated to the parish where the Secretary of State's office is located (East Baton Rouge Parish).

La. Admin. Code tit. 61, § V-2301

Promulgated by the Department of Revenue and Taxation, Tax Commission, LR 8:102 (February 1982), amended LR 15:1097 (December 1989), LR 20:198 (February 1994), amended by the Department of Revenue, Tax Commission, LR 25:317 (February 1999).

AUTHORITY NOTE: Promulgated in accordance with La. Constitution of 1974, Article VII, Section 21, R.S. 47:1709, R.S. 47:1837 and R.S. 47:2323.