Form Ig260 - Nonadmitted Insurance Premium Tax Return For Surplus Lines Brokers - 2014 Page 3
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42014 Form IG260 Instructions
For insurance tax laws, see Minnesota Statutes, Chapter 297I at
Due Dates
All surplus lines brokers licensed to do busi‑
is not associated with any foreign banks.
ness in Minnesota must file Form IG260,
File Form IG260 with all required attach‑
If you use other electronic payment methods,
Semiannual Statement of Surplus Lines
ments and pay any tax due by:
such as ACH credit method or Fed Wire,
Insurance, even if there is no activity or tax
instructions are available on our website or
• Aug. 15 (for the six-month period ending
liability to report.
by calling our Business Registration Office
June 30); and
(M.S. 297I.05, subd. 7)
at 651‑282‑5225 or 1‑800‑657‑3605.
• Feb. 15 of the following year (for the six-
Submit separate payments for each return.
month period ending Dec. 31).
Filing Requirement
Check Payments (Form PV53)
This form must be filed even if no tax is due
Effective July 21, 2011, the Nonadmit‑
for the period.
If you are not required to pay electroni‑
ted and Reinsurance Reform Act of 2010
cally and choose to pay by check, complete
(NRRA) permits only the insured’s home
The U.S. postmark date, or date recorded or
a PV53 payment voucher and mail it with
state to require the payment of premium tax
marked by a designated delivery service, is
your check. Write your Minnesota tax ID
for nonadmitted insurance.
considered the filing date (private postage
number on your check.
meter marks are not valid). When the due
When Minnesota is the home state of the
date falls on a Saturday, Sunday or legal
When you pay by check, your check autho‑
insured, as provided under M.S. 297I.05,
holiday, returns and payments electronically
rizes us to make a one‑time electronic fund
subd. 7, 100 percent of the gross premiums
made or postmarked on the next business
transfer from your account, and you may
are taxable in Minnesota with no allocation
day are considered timely. When a return
not receive your canceled check.
of the tax to other states.
or payment is late, the date it is received at
How to Complete the Form
“Home state” means the state in which an
the Department of Revenue is treated as the
insured maintains its principal place of
Complete page 2 before page 1 of Form
date filed or paid.
business, or in the case of an individual, the
IG260.
Extension for Filing Return. If good cause
individual’s principal residence.
exists, you may request a filing extension.
Page 2, Column Instructions
However, if 100 percent of the insured
risk is located outside Minnesota, then the
A. NAIC Number
Rules for Using Spreadsheets
insured’s home state is the state to which the
Enter the NAIC number.
If you are using your own spreadsheet, you
greatest percentage of the insured’s taxable
B. Name of Insurer
must include all the information and in the
premium for that insurance contract is al‑
List the insurers. Include policies for insur‑
same format as on page 2 of Form IG260,
located.
ance companies without NAIC numbers.
including subtotals on each page. Your filing
will not be considered complete if all infor‑
Minnesota Tax ID Required
C. Policy Number
mation, including subtotals, is not included.
The policy number (modified by the month
Surplus lines insurance brokers are re-
and year that the policy was issued) is the
quired to have their own Minnesota tax ID
If you have more than two pages of surplus
controlling number for reporting surplus
number. This is not a Social Security num‑
lines insurance, submit an electronic file in
lines policies and any subsequent activity
ber or agency Minnesota tax ID number.
addition to the printout. The files must be in
during the policy period, i.e., endorsements,
a Microsoft Excel format.
If you don’t have a Minnesota tax ID, you
audits and/or cancellations.
can apply online. Go to our website at
Payments
D. Effective Date (required)
and click “Regis‑
Electronic Payments
Enter the effective date of the transaction.
ter for a Minnesota tax ID number” on the
If your total insurance taxes and surcharges
e‑Services menu. Note: During the process,
E. Name of Insured
for the last 12‑month period ending June
be sure to select “Sole proprietor” as the type
Provide the name of the insured.
30 is $10,000 or more, you are required to
of legal organization. Use NAICS classifica‑
pay your tax electronically in all subsequent
F. Policy Transaction Type
tion number 524210.
years.
Enter one of the following numbers:
If you don’t have access to the Internet, call
You must also pay electronically if you’re
1 = New business
4 = Audit
651‑282‑5225 or 1‑800‑657‑3605 to register
required to pay any Minnesota business tax
2 = Renewal
5 = Reinstatement
by phone.
electronically, such as withholding tax.
3 = Cancellation
6 = Endorsement
To pay over the Internet, go to the depart‑
G. Total Premiums
ment’s website at
Include all premiums paid by companies
with a home state of Minnesota for risks
and login. If you don’t have Internet access,
located in the United States and U.S. ter‑
call 1‑800‑570‑3329 to pay by phone. You’ll
ritories.
need your user name, password and bank
routing and account numbers. When paying
Continued
electronically, you must use an account that
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