Skip to main content
Find a Lawyer

Colorado Revised Statutes Title 10. Insurance § 10-5-111. Tax on premiums--filing system--division to contract with third parties--rules--definition

Current as of January 01, 2022 | Updated by FindLaw Staff

(1) Each surplus line broker and every person that enters into an independent procurement for nonadmitted insurance shall remit to the division a tax on the net premiums, exclusive of sums collected to cover federal and other state taxes and examination fees, on nonadmitted insurance subject to tax under this article during the preceding reporting period as shown by the statement filed with the commissioner. The net premiums must be taxed at the rates described in section 10-5-111.5.

(2) If a surplus line policy or independently procured policy covers an insured whose home state is Colorado, and that policy covers risks or exposures located outside of Colorado, the tax payable is computed using the allocation method contained in section 10-5-111.5.

(3)(a) All taxes, penalties, fines, fees, and associated filings required pursuant to this section must be submitted to the division through a secure web-based application system identified by the division. The commissioner may enter into a contract with a qualified third party, including the Florida Surplus Line Services Office, for a secure web-based application system that would allow taxpayers to file taxes for multiple states on a single web-based application system. The third party may charge the taxpayer a nominal fee for this service that is reasonably related to the overall cost of the service of collecting filings and payments and transmitting those filings and payments to the division. A fee charged by the third party as part of this subsection (3) is not subject to this section, section 10-3-207, section 10-3-209(4)(a), or section 10-5-111.5(1).

(b) Pursuant to article 4 of title 24, the commissioner may promulgate rules necessary to implement, operate, and enforce this subsection (3).

(c) In contracting with a qualified third party for a secure web-based application system described in this subsection (3), the commissioner is exempt from the “Procurement Code”, articles 101 to 112 of title 24.

(d) As used in this subsection (3), “taxpayer” means a person subject to tax under this section 10-5-111.

Back to chapter list
Previous part of code Next part of code
Back to chapter list

Cite this article: FindLaw.com - Colorado Revised Statutes Title 10. Insurance § 10-5-111. Tax on premiums--filing system--division to contract with third parties--rules--definition - last updated January 01, 2022 | https://codes.findlaw.com/co/title-10-insurance/co-rev-st-sect-10-5-111/

Read this complete Colorado Revised Statutes Title 10. Insurance § 10-5-111. Tax on premiums--filing system--division to contract with third parties--rules--definition on Westlaw. Westlaw subscription required.

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Was this helpful?

Search all Colorado Codes

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About the Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to find an attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard