Wisconsin Insurance Commissioner Adopts Regulations on Reporting of Surplus Lines Excise Taxes

The Wisconsin Office of the Commissioner of Insurance July 31 adopted regulations on the reporting of surplus lines taxes and related provisions, for excise tax purposes. The rules include measures: 1) amending provisions related to the surplus lines tax and analogous taxes to allow for more convenient electronic filing; 2) stating that the report and the premium taxes owed shall be submitted through an electronic filing system; and 3) providing that the unearned premium reserve must be calculated on all advance premiums, on the original or full-term premium basis, less advance premiums on risks assumed by other insurers under the ...