Small Business and Revenue - Insurance Premium Tax

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Tax Rates

Taxable insurers must pay tax on premiums at the following rates:

Insurance Contract Type	Rate
Life	2.0%
Accident and Sickness	2.0%
Indemnification or Compensation for Loss of Wages	2.0%
Property	4.4%
Automobile	4.4%
All other insurance contracts	4.0%

Unlicensed Insurers

If insurance is purchased from an unlicensed insurer, the purchaser of the insurance must pay Insurance Premium Tax equal to 7% of the premium paid. For more information, please see Bulletin IPT 002, Insurance Purchased from an Unlicensed Insurer.