Private carriers including the company, are not subject to payment of insurance premium taxes, surcharges, and credits contained in 33-3-1 et seq. of this code on premiums received for workers compensation insurance coverage under this chapter. In lieu thereof, the workers compensation insurance market is subject to the following:
(1)(A) With respect to fiscal years beginning on and after July 1, 2008, each private carrier shall collect a surcharge in the amount of five and five-tenths percent of the premium collected plus the total of all premium discounts based on deductible provisions that were applied: Provided, That prior to June 30, 2013, and every five years thereafter, the Insurance Commissioner shall review the percentage surcharge and determine a new percentage as he or she deems necessary; and
(B) The amounts required to be collected under 23-2C-3(a)(1)(A) of this code shall be remitted to the Insurance Commissioner on or before the twenty-fifth day of the month succeeding the end of the quarter in which they are collected, except for the fourth quarter for which the surcharge shall be remitted on or before March 1 of the succeeding year.