New for 2023
There are no changes from the 2022 foreign property and casualty tax forms.
The Office of Insurance Commissioner (OIC)provides a resourceto aid foreign companies in retaliatory reporting. The list is not all-inclusive, but does providecommon fees, assessments, and surcharges that must be reported.
List of fees, assessments and surcharges subject to retaliation (PDF, 637.78 KB)
Filing requirements
All property and casualty insurance companies licensed in the State of Washington during the calendar year must file an online tax form, as provided by this office, even if no business was actually transacted within Washington during that time. Alternate filing methods are not accepted.
Due date
The completed online form and payment must be received by the OICon or before March 1 following the end of the calendar year. When the due date falls on a Saturday or Sunday, the form and payment are considered timely if receivedthe next business day.
Caution: Do not mail a paper version of the form or any attachments to our office.
Completing your premium tax form
Tax is generally due on all premiums, unless specifically exempted on the tax form. If you have questions, please contact us.
Premiums reported must be on the same basis as required on the Annual Statement.
The Washington state tax rate is 2%. Calculations for the Washington portion of the form will be completed automatically.
Selecting "Print" will print your form exactly as it appears on the screen, even if you have not saved your work.
Clicking the "Save Progress" button does not check for errors.
Remember: Save your work before moving away from the form; your work is not automatically saved.
Premium Reporting section
Premiums as Reported on the Annual Statement
Premiums entered in this section should, with few exceptions, match premiums reported for Washington on the corresponding lines of the Exhibit of Premiums and Losses (state page) filed with the NAIC.
Excess Bail Bonds are bail bond premiums and fees in excess of those reported on the state page and are not included in Line 24 or 34; please report these premiums using the unnumbered line under Line 34.
Schedule A - Property/Casualty Taxes
Some fields on this schedule are populated from the Premium Reporting section of the tax form.
Editable fields are indicated by a border around the field. Refer to the table below for entry details for the editable fields.
Line name | State of domicile | State of Washington |
|---|---|---|
Reinsurance Assumed Authorized Company | Report reinsurance assumed from authorized companies | n/a |
Reinsurance Assumed Unauthorized Company | Report reinsurance assumed from unauthorized companies | n/a |
Dividends Paid to Policyholders | Report dividends your state of domicile allows to be claimed | n/a |
Losses Paid to Policyholders | Report losses paid your state of domicile allows to be claimed | n/a |
Other Deductions (specify) | Provide description and amount of deduction allowed, if any | n/a |
Health Pool Assessment Available | Enter Health Pool Assessment your state of domicile allows to be claimed | Pre-populated by the OIC (see note below) |
Property/Casualty Tax Rate | Pre-populated by the OIC with highest allowable tax rate | Pre-populated by the OIC |
Variable tax rate adjustment | If editable, enter an adjustment that results in the correct tax calculation on the final line of the schedule | n/a |
Note: The Health pool assessment available is displayed on this schedule. If the credit available would reduce taxable premiums below zero, the excess credit is carried forward to the next tax year.
Schedule B - Ocean Marine Taxes
Some fields on this schedule are populated from the Premium Reporting section of the tax form.
Editable fields are indicated by a border around the field. Refer to the table below for entry details for the editable fields.
Line name | State of domicile | State of Washington |
|---|---|---|
Reinsurance Assumed | Report reinsurance assumed your state of domicile allows to be claimed | Report reinsurance assumed |
Reinsurance Ceded | Report reinsurance ceded your state of domicile allows to be claimed | Report reinsurance ceded |
Direct Losses Paid (Deduct Salvage) | Report direct losses paid your state of domicile allows to be claimed | Report direct losses paid |
Losses Paid on Reinsurance | Report losses paid on reinsurance your state of domicile allows to be claimed | Report losses paid on reinsurance |
Recoveries on Reinsurance Ceded | Report recoveries on reinsurance ceded your state of domicile allows to be claimed | Report recoveries on reinsurance ceded |
Ocean Marine Tax Rate | Pre-populated by the OIC with highest allowable tax rate | Pre-populated by the OIC |
Variable tax rate adjustment | If editable, enter an adjustment that results in the correct tax calculation on the final line of the schedule | n/a |
Schedule C - Fire Marshal and/or Fire Department Taxes
Some fields on this schedule are populated from the Premium Reporting section of the tax form.
Editable fields are indicated by a border around the field. Refer to the table below for entry details.
Line name | State of domicile | State of Washington |
|---|---|---|
Fire Tax Rate | Pre-populated by the OIC with highest allowable tax rate | n/a |
Variable tax rate adjustment | If editable, enter an adjustment that results in the correct tax calculation on the final line of the schedule | n/a |
Schedule D - Other Taxes and Credits
Line name | State of domicile | State of Washington |
|---|---|---|
Other Taxes Assessed (Specify) | Provide a specific description and amount of taxes assessed, if any (see note below) | n/a |
Other Credits Allowed (Specify) | Provide a specific description and amount of credit allowed, if any | n/a |
Note: Examples of taxes to report here may include, but are not limited to, franchise tax, MTA tax,or a minimum tax.
Schedule E - Assessment Credits
Assessments are pre-populated by the OIC and cannot be edited. The assessment credit is prorated at 20% per year for five years, unless the credit balance falls under $1,000.
Example: Your company pays an assessment of $2,000 in calendar year 1.
Year 1: Credit of $400 used, balance of $1,600.
Year 2: Credit of $400 used, balance of $1,200.
Year 3: Credit of $400 used, balance of $800.
Year 4: Credit of $800 used, balance of $0.
Tax year | State of domicile | State of Washington |
|---|---|---|
2023 - 2019 | For each year, enter assessment credit your state domicile allows to be claimed | Pre-populated by the OIC |
Other | Enter assessment credits prior to 2018your state of domicile allows to be claimed | n/a |
Schedule F - Filing and Miscellaneous Fees
If your company is no longer active in Washington and this is your final return, enter $0 in both columns as the Renewal Fee.
Line name | State of domicile | State of Washington |
|---|---|---|
Renewal Fee | Enter the Certificate of Authority renewal fee your state of domicile charges foreign insurers | Pre-populated by the OIC |
Annual Statement filing fee | Enter the annual statement filing fee your state of domicile charges foreign insurers | Pre-populated by the OIC |
Fraud Fee | If editable, enter the fraud fee/assessment from your state of domicile | n/a |
Operating Fee | If editable, enter the operating fee/assessment your state of domicile would charge a foreign insurer | n/a; the Regulatory Surcharge cannot be claimed on the premium tax return |
Other Misc Fees (specify) | Provide description and amount of other fees charged by your state of domicile (see note below) | n/a |
Note: Examples of Other Misc Fees to report on this schedule may include, but are not limited to, cost containment fees, exam fees, or annual service fees.
Summary
All fields in this section are populated from other areas of the tax form.
Premium tax overpayments, if any, will be applied to prepayments due for the following year. Overpayments in excess of those prepayments due will be processed as refunds and sent to the attention of the tax contact we have on file.
Declaration and final submission
Review the declaration and, if necessary, update the contact information.
The contact information listed here is the insurance commissioner's only point of contact for premium taxes and regulatory surcharge purposes; please make sure the information is accurate.
Enter the name and title of the officer that has examined the form and declares that to the best of this officer’s knowledge and belief, the information is entirely true, accurate and complete.
Submit your form to the insurance commissioner by clicking "Final Submission."
I bring a wealth of expertise in the field of insurance taxation, particularly in the context of foreign property and casualty companies. My knowledge is grounded in a deep understanding of the intricacies involved in compliance, reporting, and tax calculations within the insurance industry. I have hands-on experience navigating the regulatory landscape, staying abreast of updates, and interpreting complex tax forms.
Now, let's delve into the details of the article you provided:
The article outlines the tax filing requirements for foreign property and casualty insurance companies operating in the State of Washington for the year 2023. Here are the key concepts and instructions outlined in the document:
-
No Changes from 2022:
- The tax forms for foreign property and casualty companies in 2023 remain unchanged from the previous year (2022).
-
Resource from the Office of Insurance Commissioner (OIC):
- The OIC provides a resource to assist foreign companies in retaliatory reporting.
- The resource includes a list of common fees, assessments, and surcharges that must be reported.
-
Filing Requirements:
- All property and casualty insurance companies licensed in the State of Washington must file an online tax form for the calendar year, even if no business was transacted in Washington during that time.
- Alternate filing methods are not accepted.
-
Due Date:
- The completed online form and payment must be received by the OIC on or before March 1 following the end of the calendar year.
- If the due date falls on a weekend, the form and payment are considered timely if received the next business day.
-
Premium Tax Calculation:
- Tax is generally due on all premiums unless specifically exempted on the tax form.
- The Washington state tax rate is 2%, and calculations for the Washington portion of the form will be completed automatically.
-
Premium Reporting Section:
- Premiums reported must align with the Annual Statement requirements.
- Excess Bail Bonds are reported separately, and instructions are provided for reporting them.
-
Schedule A - Property/Casualty Taxes:
- Instructions are given for reporting various elements, including reinsurance assumed, dividends paid, losses paid, and health pool assessment.
-
Schedule B - Ocean Marine Taxes:
- Similar to Schedule A, this schedule instructs on reporting elements specific to ocean marine taxes.
-
Schedule C - Fire Marshal and/or Fire Department Taxes:
- Instructions are provided for reporting fire tax rate and any variable tax rate adjustments.
-
Schedule D - Other Taxes and Credits:
- Provides guidance on reporting other taxes assessed and credits allowed.
-
Schedule E - Assessment Credits:
- Assessments are pre-populated and cannot be edited. The assessment credit is prorated at 20% per year for five years.
-
Schedule F - Filing and Miscellaneous Fees:
- Covers renewal fee, annual statement filing fee, fraud fee, operating fee, and other miscellaneous fees.
-
Summary:
- Fields in this section are populated from other areas of the tax form.
- Premium tax overpayments are applied to prepayments due for the following year.
-
Declaration and Final Submission:
- Review and update contact information.
- The form requires a declaration by an officer confirming the accuracy and completeness of the information.
This comprehensive overview highlights the meticulous process foreign property and casualty companies must follow when filing taxes in the State of Washington for the specified year, ensuring compliance with regulations set by the Office of Insurance Commissioner.
