Form Tsb-M-11(7)c - Changes To Article 33-A, Tax On Independently Procured Insurance - New York State Department Of Taxtation And Finance Page 2
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TSB-M-11(7)C, 11(7)I
Corporation Tax
Income Tax
July 5, 2011
Changes in definition of taxable insurance contract
Chapter 61 amended the definition of taxable insurance contract by linking it to the kinds
of insurance described in Insurance Law section 2105(a). As a result, prize indemnification,
service contract reimbursement, and salary protection insurance are now subject to tax. For more
kinds of insurance that are included, see the definition section below.
Note that Insurance Law section 2105(a) specifically states that it does not include ocean
marine insurance, and other contracts of insurance enumerated in Insurance Law sections
2117(b) and 2117(c). Thus, these kinds of insurance are not subject to tax.
Filing returns
Use Form CT-33-D, Tax on Premiums Paid or Payable To an Unauthorized Insurer, For
Taxable Insurance Contracts with an Effective Date on or after July 21, 2011, to pay the tax on
taxable insurance contracts with effective dates on or after July 21, 2011.
Use Form CT-33-D, Tax on Premiums Paid or Payable To an Unauthorized Insurer, For
Taxable Insurance Contracts with an Effective Date before July 21, 2011, to pay the tax on
taxable insurance contracts with effective dates before July 21, 2011.
These forms are available on our Web site,
Definitions
The term home state means:
• the state in which an insured maintains its principal place of business; or
• in the case of an individual, the state where the individual maintains his or her principal
residence.
If 100% of the insured risk is located outside of the state otherwise determined as above,
the home state is the state to which the greatest percentage of the insured’s taxable premium for
that insurance contract is allocated.
If more than one insured from an affiliated group, as affiliated group is defined in
Insurance Law section 2101, are named insureds on a single insurance contract, the home state is
the state where the member of the affiliated group that has the largest percentage of premium
attributed to it under the insurance contract maintains its principal place of business.
In the case of a group policy, if the group policyholder pays 100% of the premium from
its own funds, then the home state for purposes of that policy is the home state, as determined
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