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Form In-0580 - Quarterly Statement Of Premiums And Fees For Taxation - Life And Accident And Health Companies - 2010 Page 3

6. PAYMENTS – Tenn. Code Ann. § 56-4-205(a) states, “Installments of the annual premium taxes due and payable for

each quarter as described herein shall be based on the estimated amount of gross premiums received during that prior

calendar quarter. A final payment of tax due for the preceding calendar year shall be made at the time each such

insurance company files its March 1 return. Such final payment shall be measured by the gross premium, as defined in

Tenn. Code Ann. § 56-4-204, received by the respective companies during the calendar year and immediately preceding.

Any insurance company which fails to report and or which estimates any installment of tax to be less than 80 percent of

the amount finally shown to be due in any quarter shall be subject to interest and penalty as provided in the Tenn. Code

Ann. § 56-4-216 for any underpayment of taxes due and payable for that quarter. Any insurance company paying, for

each installment required in this section, 25 percent of the amount of the annual premium taxes reported on its annual

return for the preceding year shall not be subject to any penalty or interest for such underpayment.”

7. PROPER REMITTANCE – All checks for payment of any premium tax or fees due should be made payable to the

TENNESSEE DEPARTMENT OF COMMERCE AND INSURANCE; and in order to constitute proper payment, the check

must be signed, drafted and dated correctly.

8. PENALTY FOR LATE PAYMENT AND DEFICIENT TAXES DUE – Any company which fails and neglects to file the tax

return and make payment promptly and correctly as defined by Tenn. Code Ann. § 56-4-216, shall pay to the state, in

addition to the amount of taxes due, a penalty of five percent (5%) for each of the first two months or fractional parts

thereof and thereafter at the rate of one-half of one percent (1/2%) per month with a maximum of ten thousand dollars

($10,000) for the first three days of any delinquency. In addition to the above penalty, all delinquencies shall bear interest

at the rate of ten percent (10%) per annum from the date the amount was due until paid. The penalty and interest herein

provided for shall apply to any part of the tax unpaid by the due date and no such penalty or interest may be waived. NO

GRACE PERIOD WILL BE ALLOWED FOR COMPANIES FILING LATE PREMIUM TAX RETURNS.

IN-0580 Life and Health Quarterly Instructions Rev 3/2010

Form In-0580 - Quarterly Statement Of Premiums And Fees For Taxation - Life And Accident And Health Companies - 2010 Page 3