Form Ig255 - Nonadmitted Insurance Premium Tax Return For Direct Procured Insurance - Minnesota Department Of Revenue - 2013 Page 3
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42013 Form IG255 Instructions
For insurance tax laws, see Minnesota Statutes, Chapter 297I at
Instructions
You must complete and file Form IG255,
G. Gross Premiums Paid
Statement of Insurance Placed with Nonad-
Include all premiums paid by any in-
Check Boxes
mitted Insurers, if you are a person, firm,
sured with a home state of Minnesota.
At the top of the form, check if the return is:
corporation or purchasing group buying
• an Amended Return: Check only if you
insurance directly from a nonadmitted
H. Return Premiums
are amending a previously filed return
company.
Enter all return premiums received. In-
for the same period. Include all original
For 2013, the tax is 2 percent of the gross
clude a note indicating on which return
and corrected policies on the amended
premiums paid. (M.S. 2971.05)
the original policy was reported.
return.
Filing Requirement
Payments
• for No Activity: Check only if you did
not purchase any insurance from unli-
Effective on July 21, 2011, the NRRA (The
Electronic Payments
censed companies in 2013.
Nonadmitted and Reinsurance Reform Act
If your total insurance taxes and surcharges
of 2010) permits only the insured’s home
for the last 12-month period ending June
IG255 Page 2 Instructions
state to require the payment of premium tax
30 is $10,000 or more, you are required to
for nonadmitted insurance.
Complete page 2 BEFORE page 1.
pay your tax electronically in all subsequent
A. NAIC Number
years.
When Minnesota is the home state of the
insured, as provided under section 297I.05,
Enter the NAIC number.
You must also pay electronically if you’re
subd. 7, 100 percent of the gross premiums
required to pay any Minnesota business tax
B. Name of Insurer
are taxable in Minnesota with no allocation
electronically, such as sales or withholding
of the tax to other states.
List the insurers. Include policies for
tax.
insurance companies without NAIC
“Home state” means the state in which an
To pay over the Internet, go to the depart-
numbers.
insured maintains its principal place of
ment’s website at
business, or in the case of an individual, the
C. Policy Number
and login. If you don’t have Internet access,
individual’s principal residence.
call 1-800-570-3329 to pay by phone. You’ll
The policy number (modified by the
need your ID number, and bank rout-
If 100 percent of the insured risk is located
month and year that the policy was
ing and account numbers. When paying
outside of Minnesota, then the insured’s
issued) is the controlling number for
electronically, you must use an account not
home state is the state to which the greatest
reporting direct-procedured insurance
associated with any foreign banks.
percentage of the insured’s taxable premium
policies and any subsequent activity dur-
for that insurance contract is allocated.
ing the policy period, i.e., endorsements,
If you use other electronic payment methods,
audits and/or cancellations.
such as ACH credit method or Fed Wire,
Due Date
instructions are available on our website or
D. Date of Coverage
You must file Form IG255 and pay any tax
by calling our Business Registration Office
due by March 1 of the following year. (M.S.
Enter the policy coverage date.
at 651-282-5225 or 1-800-657-3605.
297I.30, subd. 1)
E. Insurance Type Code
Check Payments (Form PV58)
The U.S. postmark date, or date recorded or
If you are not required to pay electroni-
Enter the appropriate insurance type
marked by a designated delivery service, is
cally and choose to pay by check, complete
code for each policy:
considered the filing date (private postage
a PV58 payment voucher and mail it with
meter marks are not valid). When the due
1. Fire
your check. Write your Minnesota tax ID
date falls on a Saturday, Sunday or legal
number on your check.
2. Extended Coverage/Allied Lines
holiday, returns and payments electronically
3. Homeowners/Commercial M.P.
made or postmarked on the next business
When you pay by check, your check autho-
day are considered timely. When a return
rizes us to make a one-time electronic fund
4. Inland/Ocean Marine
or payment is late, the date it is received at
transfer from your account, and you may
5. Accident/Health
the Department of Revenue is treated as the
not receive your canceled check.
6. Liability
date filed or paid.
Penalties and Interest
7. Auto
Extension for Filing Return. If good cause
Late payment. If you don’t pay all the tax
8. Fidelity/Surety
exists, you may request a filing extension.
due by the due date, a late payment pen-
9. Burglary/Theft
alty is due. The penalty is 5 percent of the
10. Boiler/Machinery
unpaid tax for any part of the first 30 days
the payment is late, and 5 percent for each
11. Other (Specify)
additional 30-day period, up to a maximum
F. Amount Insured
of 15 percent.
Enter the amount insured.
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