Q1 As per the attached invoice we owe $2,000 in a class B assessment and are allowed to claim $400 as a deduction for five years following the year of payment. We are no longer writing premiums in Missouri, will we still be able to claim the deduction and recover the credit? Are we able to claim the full amount at once or do we have to trickle it out through 2022?
A1 In response to your question below, you will not be able to claim a “refund” or “recover” the tax offset if you are no longer subject to any Missouri premium taxes. You may want to contact the Missouri Department of Insurance for confirmation of this fact. If you write other lines of business that is subject to premium tax, you may be able to apply the premium tax offset to that premium.
Q and A2 What was the initial projected total assessment? $180,000,000
How much has been assessed, including the current assessment? $67,500,000
What is the current projected total assessment? $120,000,000
Some points of clarification are needed here. I am assuming that your last question would be asking for the current, adjusted total assessment that includes prior amounts assessed and anticipated future assessments.
Q3: We didn’t receive an assessment notice for one of our companies.
A3: If the assessment fee was less than $100, no assessment is owed and we did not mail an assessment notice.
Q4: We do not agree with the amount that our company was assessed.
A4: The assessment amount is based on premium from the years 2005-2007. The premium amount is based on information your company provided to the NAIC. If you don’t agree, submit your concerns by email to MIGA@mo-iga.org
Q5: We received an assessment notice for one of our companies, but they are no longer in business.
A5: The assessment notices are based on premium from the years of 2005-2007. If the company was in business at that time, they owe the assessed amount.