Section 379.295

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

Effective - 28 Aug 1945   

  379.295.  Returns and assessment to be made by director — collection and disposition of tax by the director of revenue. — 1.  Every such company or association shall, on or before the first day of March in each year, make a return, verified by the affidavit of its president and secretary or other chief officers, to the director of the department of commerce and insurance, in the form prescribed by him, stating the amount of all gross direct premiums received, whether in cash, notes, credits or any other substitute for money, on contracts covering property, or risks located or resident in this state, during the year ending on the thirty-first day of December next preceding, and all credits to which such company or association shall be entitled under the provisions of section 379.290.

  2.  Upon receipt of such returns, the director of the department of commerce and insurance shall verify the same and assess the tax upon various companies on the basis and at the rate provided in section 379.290, and make a schedule thereof, duplicate copies of which, properly certified by said director, shall be filed in the office of the director of revenue on or before the first day of April in each year.

  3.  Immediately thereafter the director of revenue shall notify the companies of the amount of taxes respectively due from them, and such taxes shall be paid to the director of revenue on or before the first day of May next ensuing.

  4.  If not so paid, the director of revenue shall certify such fact to the director of the department of commerce and insurance, who shall thereafter suspend such delinquent company or companies from the further transaction of business in this state until such taxes shall be paid.

  5.  Upon receiving said money, the director of revenue shall deposit it in the state treasury and the state treasurer shall receipt one-half thereof into the general revenue fund of the state, and he shall place the remainder of said tax to the credit of the county foreign insurance tax fund.

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(L. 1941 p. 399 § 5968a, A.L. 1945 p. 1021)