Insurance Premiums Tax (Mutual Insurance Companies – Non-farm Property) Exemption and Remission Regulations, F-13.4 Reg 38

INSURANCE PREMIUMS TAX (MUTURAL 1 INSURANCE COMPANIES – NON-FARM PROPERTY) EXEMPTION AND REMISSION F-13.4 REG 38 The Insurance Premiums Tax (Mutual Insurance Companies – Non-farm Property) Exemption and Remission Regulations being Chapter F-13.4 Reg 38 (effective June 19, 2008) as amended by Saskatchewan Regulations 50/2011. NOTE: This consolidation is not official. Amendments have been incorporated for convenience of reference and the original statutes and regulations should be consulted for all purposes of interpretation and application of the law. In order to preserve the integrity of the original statutes and regulations, errors that may have appeared are reproduced in this consolidation. 2 INSURANCE PREMIUMS TAX (MUTURAL INSURANCE COMPANIES – NON-FARM F-13.4 REG 38 PROPERTY) EXEMPTION AND REMISSION Table of Contents 1 Title 2 Interpretation 3 Exemption and remission 4 Application for remission 5 Overpayment 6 Coming into force INSURANCE PREMIUMS TAX (MUTURAL 3 INSURANCE COMPANIES – NON-FARM PROPERTY) EXEMPTION AND REMISSION F-13.4 REG 38 CHAPTER F-13.4 REG 38 The Financial Administration Act, 1993 Title 1 These regulations may be cited as The Insurance Premiums Tax (Mutual Insurance Companies – Non-farm Property) Exemption and Remission Regulations. Interpretation 2(1) In these regulations: (a) “Act” means The Insurance Premiums Tax Act; (b) “mutual insurance company” means a mutual insurance company within the meaning of The Saskatchewan Insurance Act that is incorporated or continued pursuant to the laws of Saskatchewan on or before December 31, 2007; (c) “tax” means: (i) the tax payable pursuant to subsection 4(2) of the Act; (ii) the fee payable pursuant to subsection 29(1) of The Fire Prevention Act, 1992; or (iii) the tax payable pursuant to subsection 5(1) of The Motor Vehicle Insurance Premiums Tax Act. (2) The definitions set out in the Act and the regulations made pursuant to the Act apply for the purposes of these regulations. 27 Jne 2008 cF-13.4 Reg 38 s2. Exemption and remission 3(1) Every mutual insurance company is granted, in accordance with these regulations, an exemption of tax otherwise payable in the period commencing on January 1, 2008 and ending on December 31, 2012 with respect to non-farm property insurance. (2) If, notwithstanding subsection (1), a mutual insurance company pays or has paid any amount of tax mentioned in that subsection, the mutual insurance company is granted a remission equivalent to the amount of tax paid. 27 Jne 2008 cF-13.4 Reg 38 s3; 22 Jly 2011 SR 50/2011 s2. 4 INSURANCE PREMIUMS TAX (MUTURAL INSURANCE COMPANIES – NON-FARM F-13.4 REG 38 PROPERTY) EXEMPTION AND REMISSION Application for remission 4(1) Every mutual insurance company that wishes to obtain a remission of tax granted pursuant to subsection 3(2) shall apply to the minister in a form satisfactory to the minister. (2) An application pursuant to subsection (1) must be made within four years after the date on which the mutual insurance company was required to file a return pursuant to section 4.1 of the Act. (3) Together with an application pursuant to this section, the applicant must provide the minister with evidence to establish to the minister’s satisfaction: (a) that the applicant is entitled to the remission; and (b) the amount of the remission. 27 Jne 2008 cF-13.4 Reg 38 s4. Overpayment 5(1) The minister may declare any or all remissions of tax granted to a mutual insurance company pursuant to these regulations to be an overpayment if, in the minister’s opinion: (a) the mutual insurance company has knowingly made a false or misleading statement with respect to a material fact on any form or in any information or record provided to the minister pursuant to these regulations; (b) the mutual insurance company has omitted to make a statement to the minister or to provide any information or record to the minister, and that omission results in a statement with respect to a material fact being misleading; or (c) the mutual insurance company has failed to comply with these regulations. (2) If the minister declares a remission of tax to be an overpayment, the amount of the overpayment is deemed to be a debt due and owing to the Crown in right of Saskatchewan and may be recovered from the eligible applicant in any manner authorized pursuant to The Financial Administration Act, 1993 or in any other manner authorized by law. 27 Jne 2008 cF-13.4 Reg 38 s5. Coming into force 6 These regulations come into force on the day on which they are filed with the Registrar of Regulations. 27 Jne 2008 cF-13.4 Reg 38 s6. REGINA, SASKATCHEWAN Printed by the authority of THE QUEEN’S PRINTER Copyright©2011