NRS685A.180. Tax on surplus lines.

      1.  Except as otherwise provided in subsection 6, on or before the date described in subsection 2 of NRS 685A.175 for each quarter, each broker shall pay as directed by the Commissioner a tax on surplus lines coverages for which this State is the insured’s home state written by the broker in unauthorized insurers during the preceding calendar quarter at the same rate of tax as imposed by law on the premiums of similar coverages written by authorized insurers, in addition to any fees imposed pursuant to NRS 685A.075.

      2.  Except as otherwise provided in subsection 6, on or before the date described in subsection 2 of NRS 685A.175 for each quarter, each insured for which this State is the home state shall pay as directed by the Commissioner a tax on independently procured insurance written for the insured by an unauthorized insurer during the preceding calendar quarter at the same rate of tax as imposed by law on the premiums of similar coverages written by authorized insurers, in addition to any fees imposed pursuant to NRS 685A.075.

      3.  For the purposes of this section, the “premium” on surplus lines coverages includes:

      (a) The gross amount charged by the insurer for the insurance, less any return premium;

      (b) Any fee allowed by NRS 685A.155;

      (c) Any policy fee;

      (d) Any membership fee;

      (e) Any inspection fee; and

      (f) Any other fees or assessments charged by the insurer as consideration for the insurance.

Ê Premium does not include any additional amount charged for state or federal tax, or for executing or completing affidavits or reports of coverage.

      4.  All taxes collected as directed by the Commissioner pursuant to this section and not intended for disbursement to other states by a clearinghouse established through any multi-state agreement entered into by the Commissioner pursuant to NRS 685A.185 must be promptly deposited with the State Treasurer, to the credit of the State General Fund.

      5.  A broker who receives a credit for tax paid shall refund to each insured the amount of the credit attributable to the insured when the insurer pays a return premium or within 30 days, whichever is earlier.

      6.  If the Commissioner has entered into a multi-state agreement pursuant to NRS 685A.185, the Commissioner may require that each broker who has written surplus line coverages for multi-state risks for which this State is the insured’s home state and each insured for which this State is the home state who has obtained independently procured insurance for multi-state risks pay a premium tax:

      (a) For the portion of the premium allocated to Nevada, at the tax rate applicable to nonadmitted insurance pursuant to this chapter;

      (b) For the portion of the premium allocated to any other state that also participates in the multi-state agreement, at the tax rate applicable to nonadmitted insurance as established by that state; and

      (c) For the portion of the premium allocated to any other state that does not participate in the multi-state agreement, at the tax rate applicable to nonadmitted insurance pursuant to this chapter. The tax for this portion of the premium must be deposited with the State Treasurer, to the credit of the State General Fund, after it is processed by the clearinghouse established through the multi-state agreement.

      (Added to NRS by 1971, 1678; A 1983, 827; 1985, 601; 1995, 1618; 2003, 3302; 2011, 2019)