Purpose:This Announcement informs risk retention groups that, for insurance premium tax purposes, they are required to file Form 115RRG, Insurance Premium Tax Return Risk Retention Groups, for each calendar year. It also discusses the implications of Form 115RRG for risk retentions groups with respect to calendar years 2011 through 2013.
Background: In 2011, the Connecticut General Assembly passed 2011 Conn. Pub. Acts 61 in order to conform to the federal Nonadmitted Reinsurance and Reform Act of 2010. As a result of this legislation, the Department of Revenue Services (DRS) advised risk retention groups that they should file using Form 115NIN, Nonadmitted Insurance Premium Tax Return. It was determined, subsequently, that risk retention groups were not impacted by this legislation and, therefore, that their filing obligations were unchanged. Accordingly, the premium tax for risk retention groups is due on or before March 1 of the next succeeding calendar year in which the risk retention group received the premiums.
Effective Date: Immediately.
Statutory Authority: Conn. Gen. Stat. §38a-254 and Conn. Gen. Stat. §38a-277.
Filing Requirements for Calendar Year 2013: For premiums collected during calendar year 2013, risk retention groups must file using Form 115RRG. This return is due on or before March 1, 2014.
Risk retention groups should not file a fourth quarter return using Form 115NIN, but should instead file Form 115RRG reporting premiums collected during all of calendar year 2013.
Some risk retention groups may have filed and paid tax quarterly using Form 115NIN for 2013. Those risk retention groups will receive a credit against their calendar year 2013 risk retention group premium tax for the amount of the payments made. Any payments made during 2013, for calendar year 2013, using Form 115NIN (including penalty and interest) must be reported on Form 115RRG, Lines 2a, 2b, and 2c.
File Electronically: Follow the prompts to log into the TSC to file returns and pay taxes. Pay Electronically: Use the TSC to make payments for most Connecticut taxes, even ones that cannot be filed electronically.
File Electronically: Follow the prompts to log into the TSC to file returns and pay taxes.
Pay Electronically: Use the TSC to make payments for most Connecticut taxes, even ones that cannot be filed electronically.