Oklahoma § 36-629 - Estimate and prepayment of premium tax - Crediting

§ 36-629. Estimate and prepayment of premium tax - Crediting

A. Every insurance company transacting business in this state

whose premium tax, paid with respect to the previous calendar year's

premiums, was One Thousand Dollars ($1,000.00) or more, shall make

an estimate each year as provided herein and remit with each

estimate a prepayment of its annual premium tax for the current

calendar year equal to one-fourth (1/4) of its annual premium tax

paid with respect to the previous calendar year's premiums.

Estimates, with remittance, shall be made on or before April 15,

June 15, September 15 and December 15, respectively.

B. All sums prepaid by an insurance company shall be allowed as

credits against its annual return for premium tax payable on or

before the first day of March. If sums prepaid exceed the insurance

company’s annual premium tax payable on or before the first day of

March, the excess shall be refunded or shall be allowed as credits

against subsequent prepayments of the tax as the insurance company

shall elect on the annual return for premium tax filed for the year

by the insurance company with respect to which such excess

prepayments were made. Provided, in the case of an insurance

company which has made prepayments of its premium tax in excess of

its annual premium tax payable, the part of the excess prepayments

as has not been credited against subsequent prepayments of the tax

shall be refunded to the insurance company upon application within

one hundred eighty (180) days after application is made.

Added by Laws 1971, c. 191, § 1, emerg. eff. June 4, 1971. Amended

by Laws 1972, c. 59, § 1, emerg. eff. March 25, 1972; Laws 1982, c.

164, § 1, operative July 1, 1982; Laws 1988, c. 83, § 8, emerg. eff.

March 25, 1988; Laws 1997, c. 418, § 29, eff. Nov. 1, 1997; Laws

2004, c. 274, § 4, eff. July 1, 2004; Laws 2005, c. 129, § 4, eff.

Nov. 1, 2005.