Section 27-4A-1 – Short Title.

Section 27-4A-1 Short title. This chapter shall be known and may be cited as “The Insurance Premium Tax Reform Act of 1993.” (Acts 1993, No. 93-679, p. 1291, §1.)

Section 27-4A-2 – Definitions.

Section 27-4A-2 Definitions. For the purposes of this chapter only, the following terms, unless the context clearly indicates otherwise, shall have the meanings: (1) ANNUITY CONSIDERATIONS. All sums received as consideration for annuity contracts. (2) COMMISSIONER. The Commissioner of Insurance of the State of Alabama. (3) DEPARTMENT. The Department of Insurance of the State of […]

Section 27-4A-3 – Generally.

Section 27-4A-3 Generally. (a) Subject to the exceptions and exemptions hereinafter set forth, for the year beginning on January 1, 1995, and for each year thereafter, every insurer shall pay to the commissioner a premium tax equal to the percentage, as set out in this subsection, of the premiums received by the insurer for business […]

Section 27-4A-4 – Penalties.

Section 27-4A-4 Penalties. Every insurer failing to comply with the requirements of this chapter shall be subject to a penalty of not less than $1,000 nor exceeding $10,000, recoverable in an action brought by the Attorney General for the commissioner. Upon any violation, the commissioner may suspend or revoke the insurer’s certificate of authority. Penalties […]

Section 27-4A-5 – Exclusive Tax on Premiums.

Section 27-4A-5 Exclusive tax on premiums. The premium tax levied by this chapter is exclusive and shall be in lieu of all other and additional taxes and licenses of the state or county imposed on, based upon or measured by premiums received by the insurer for business done in this state. No license or privilege […]

Section 27-4A-6 – Exemption From Income and Ad Valorem Taxes.

Section 27-4A-6 Exemption from income and ad valorem taxes. Nothing in this chapter shall be construed to repeal any existing laws or statutes which exempt or exclude insurers from the payment of fees, taxes, or licenses other than the tax imposed by this chapter. Without limiting the generality of the preceding sentence, insurers upon which […]

Section 27-4A-7 – Mutual Aid Associations.

Section 27-4A-7 Mutual aid associations. Mutual aid associations shall be subject to the provisions of this chapter and subject to the annual premium tax to be paid by insurers on insurance premiums. (Acts 1993, No. 93-679, p. 1291, §10.)