31.06.04.03

.03 Final Report.

A. On or before March 15 following the end of the tax year, a person subject to premium tax shall file a Final Report with the Insurance Administration on a form or in a manner approved by the Commissioner.

B. The Final Report shall contain:

(1) Either:

(a) A report of the new and renewal gross direct premiums less returned premiums written by the taxpayer during the preceding calendar year, including, for Maryland domiciled taxpayers, premiums written in a state where the taxpayer is not licensed; or

(b) If the taxpayer issues perpetual policies of fire insurance, a report of the average amount of deposits held by the taxpayer during the preceding calendar year in connection with perpetual policies of fire insurance issued on property in the State and in force during any part of that year;

(2) A calculation of retaliatory tax owed to Maryland under COMAR 31.06.02;

(3) A calculation of any applicable credits against premium tax allowed by Insurance Article, Title 6, Annotated Code of Maryland; and

(4) Credit, if any, for overpayment of premium tax paid in prior tax years.

C. Remittance.

(1) The taxpayer shall remit with the Final Report:

(a) The total amount of premium tax due, after crediting the amount of taxes paid under Regulation .02 of this chapter; and

(b) Any retaliatory tax due under COMAR 31.06.02.

(2) The amount remitted under §C(1) of this regulation shall be the net amount due after any applicable credits are applied against the premium tax that are allowed by Insurance Article, Title 6, Annotated Code of Maryland.

(3) Taxpayers shall maintain in their files, and shall make available to the Commissioner on request, supporting documentation for:

(a) The retaliatory tax due on the Final Report, consisting of the applicable taxes, licenses, and other fees that are part of the computation of the retaliatory tax due; and

(b) Any credits against premium tax taken by the taxpayer that are allowed under Insurance Article, Title 6, Annotated Code of Maryland.