Montana Code 33-11-110. Taxation of purchasing group
33-11-110. Taxation of purchasing group. Premium taxes and taxes on premiums paid for coverage of risks resident or located in this state by a purchasing group or any members of the purchasing group must be:
Terms Used In Montana Code 33-11-110
- Insurance: means primary insurance, excess insurance, reinsurance, surplus line insurance, and any other arrangement for shifting and distributing risk that is determined to be insurance under the laws of this state. See Montana Code 33-11-102
- Purchasing group: means a group that:
(a)has as one of its purposes the purchase of liability insurance on a group basis;
(b)purchases liability insurance only for its group members and only to cover their similar or related liability exposure, as described in subsection (7)(c);
(c)is composed of members whose businesses or activities are similar or related with respect to the liability to which members are exposed by virtue of any related, similar, or common business, trade, product, service, premises, or operation; and
(d)is domiciled in any state. See Montana Code 33-11-102
- State: means any state of the United States or the District of Columbia. See Montana Code 33-11-102
(1)imposed at the same rate and subject to the same interest, fines, and penalties as those applicable to premium taxes and taxes on premiums paid to surplus lines insurers and authorized insurers, pursuant to 33-2-311 and 33-2-705, respectively; and
(2)paid by the authorized or surplus lines insurers and, if not paid by them, paid by the insurance producer for the purchasing group and, if not paid by the insurance producer, paid by the purchasing group and, if not paid by the purchasing group, paid by each of its members.