Missouri Revised Statutes § 148.340 - Tax on premiums of foreign companies
AI-assisted research summary: Foreign insurance companies and associations must pay a quarterly 2% tax on direct premiums received for certain in-state insurance business, with specified credits for some premiums and dividends.
148.340. Tax on premiums of foreign companies. — Every insurance company or association not organized under the laws of this state, shall, as provided in section 148.350, quarterly pay tax upon the direct premiums received, whether in cash or in notes, in this state or on account of business done in this state, for insurance of life, property or interest in this state at the rate of two percent per annum in lieu of all other taxes, except as in sections 148.310 to 148.461 otherwise provided, which amount of taxes shall be assessed and collected as herein provided; provided, that fire and casualty insurance companies or associations shall be credited with cancelled or return premiums actually paid during the year in this state, and that life insurance companies shall be credited with dividends actually declared to policyholders in this state, but held by the company and applied to the reduction of premiums payable by the policyholder. (RSMo 1939 § 6094, A.L. 1982 S.B. 470, A.L. 1983 H.B. 713 Revision) Prior revisions: 1929 § 5979; 1919 § 6387; 1909 § 7099 Amount of tax by foreign state on Missouri companies, when in excess of Missouri tax, to be collected from insurance companies of such state, 375.916 Foreign stipulated premium plan companies, taxation of, 377.420, 377.430 (1994) Where legislature did not expressly exempt foreign insurance companies from the use tax in chapter 144, RSMo, the provisions of this section that provide for the imposition of tax on premiums received by foreign insurance companies in lieu of all other taxes do not exempt foreign insurance companies from use tax liability. Prudential Insurance Company of America v. Director of Revenue, 885 S.W.2d 337 (Mo. en banc). (2008) Direct premium tax is constitutional and applies to payments which life insurance company receives on stop-loss insurance policies sold to employers who maintain self-funded health benefit plans. American National Life Insurance Co. v. Director of Revenue, 269 S.W.3d 19 (Mo.banc).