Insurance Premium Tax

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Insurance Premium Tax

A tax paid by insurers and insurance brokers in the United Kingdom. Insurers and brokers must pay the tax on all policies other than long-term insurance, such as life insurance, reinsurance and export finance.
References in periodicals archive ?
com's motoring editor Amanda Stretton said Whitehall was to blame as Insurance Premium Taxes jumped from ten to 12 per cent from Thursday.
According to the report, state insurance departments receive significant funds from regulatory fees and insurance premium taxes.
The IUA s new online service will sum up insurance premium taxes relevant in each of the nations in the European Economic Area.
The surplus lines industry continues to press for several changes to implement the NRRA, such as the process for payment of nonadmitted insurance premium taxes.
Further, because an allocation of the insured's premium is required under some circumstances, the process for paying the nonadmitted insurance premium taxes remains complex.
Finally, employers paying state insurance premium taxes on group-term life insurance (particularly larger employers) should consider sell-insuring a portion of the death benefits in order to reduce the premium taxes.
In the letter, NCOIL said the proposal for a bifurcated regulatory system would "threaten the revenue stream that now flows to the states in insurance premium taxes.
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