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 groups shall be:

(1) Imposed at the same rate and subject to the same interest, fines and penalties as applicable to premium taxes and taxes on premiums paid for similar coverage from a similar insurance source by other insureds; and

Terms Used In Tennessee Code 56-45-110

  • Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance and any other arrangement for shifting and distributing risk that is determined to be insurance under the laws of this state. See Tennessee Code 56-45-102
  • Purchasing group: means any group that:
    (A) Has as one (1) of its purposes the purchase of liability insurance on a group basis. See Tennessee Code 56-45-102
  • State: means any state of the United States or the District of Columbia. See Tennessee Code 56-45-102
(2) Paid first by the insurance source, and, if not by the source, by the agent or broker for the purchasing group, and, if not by the agent or broker, then by the purchasing group, and, if not by the purchasing group, then by each of its members.
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