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Insurance Premiums License Tax:
Change in Administration Effective January 1, 2013

Legislation enacted by the 2011 General Assembly transferred the administration of the Insurance Premiums License Tax (PLT) from the State Corporation Commission Bureau of Insurance to the Virginia Department of Taxation, effective for taxable years beginning on or after January 1, 2013.

2012 Reports to be Filed with the Bureau of Insurance

Taxpayer Filing Requirement Taxable Year Due Date
Surplus Lines Broker Quarterly Tax Report 2012 January 30, 2013
Surplus Lines Broker Annual Reconciliation Tax Report 2012 March 1, 2013
Insurance Company Insurance Premiums License
Tax Returns
2012 March 1, 2013
Insurance Company Retaliatory Tax Report 2012 March 1, 2013

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2013 Reports to be Filed with the Department of Taxation

Taxpayer Filing Requirement Taxable Year Due Date(s)

Insurance Company

Estimated Payments

2013

April 15, 2013
June 15, 2013
September 15, 2013
December 15, 2013

Surplus Lines Broker

Quarterly Tax Report

2013

April 30, 2013
June 30, 2013
October 30, 2013
January 30, 2014

Insurance Company Insurance Premiums License
Tax Return
2013 March 1, 2014
Surplus Lines Broker Annual Reconciliation Tax Report 2013 March 1, 2014

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Roles of the Agencies Going Forward

Bureau of Insurance

The Bureau of Insurance (BOI) will continue to issue licenses for insurance companies and surplus lines brokers, to conduct regulatory audit examinations and to administer the annual maintenance assessment.  BOI will also administer the Fire Programs Fund, the Dam Safety Program, and the Flood Prevention and Protection Assistance Fund, as well as programs to reduce losses from motor vehicle thefts and to reduce losses from insurance fraud.  In addition, BOI’s responsibilities will include the processing of tax reports, payments and billing for returns for taxable year 2012 and prior years, as well as providing customer service related to those returns and assessments. 

For more information about the Bureau of Insurance, please visit their website.

Department of Taxation

Effective for taxable years beginning on or after January 1, 2013, the Department of Taxation’s administrative responsibilities will include the processing of tax reports, the handling of related payments and billing, providing customer services, and performing collections and audit functions related specifically to the Insurance Premiums License Tax.  In addition, the Department will administer the retaliatory cost assessment on certain foreign insurance companies, as well as oversee the retaliatory cost tax credit for certain domestic insurance companies for taxable year 2013 and thereafter.

For questions, please contact the Department at (804) 367-8037, or use Live Chat.  You can also get reminders of upcoming due dates and other tax updates by signing up for the Department's e-Alerts.

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Last Updated 11/7/2013 14:13

 

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