1. Notwithstanding any other provision of this chapter or regulation implementing a provision of this chapter, the five percent tax on net premiums imposed by sections 384.051 and 384.059 shall be levied upon and only upon the entire gross premium for nonadmitted or surplus lines insurance policies for which the home state of the insured is Missouri.

2. Notwithstanding any other provision of this chapter or regulation implementing a provision of this chapter:

Terms Used In Missouri Laws 384.061

  • home state: means , with respect to an insured:

    a. See Missouri Laws 384.015

  • Nonadmitted insurance: any property and casualty insurance permitted to be placed directly or through a surplus lines licensee with a nonadmitted insurer eligible to accept such insurance. See Missouri Laws 384.015
  • State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
  • Surplus: funds over and above liabilities and capital of the company for the protection of policyholders. See Missouri Laws 384.015
  • Surplus lines licensee: a person licensed to place insurance on risks resident, located or to be performed in this state with nonadmitted insurers eligible to accept such insurance. See Missouri Laws 384.015

(1) The placement of nonadmitted insurance shall be subject to the statutory and regulatory requirements of this chapter only if this state is the insured’s home state; and

(2) A surplus lines broker is required to be licensed as a surplus lines licensee under the provisions of this chapter only if this state is the insured’s home state.

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