Delaware General Assembly

CHAPTER 9

STATE REVENUE - INSURANCE COMPANY TAX

AN ACT to amend Chapter 6 of the Revised Code of the State of Delaware defining the Taxable Gross Premiums collected by Insurance Companies.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That Chapter 6 of the Revised Code of the State of Delaware be, and the same is hereby amended, by repealing 78. Section 41 and by inserting in lieu thereof the following section to be styled 78. Section 41.

78. Section 41. Each and every insurance company, firm or corporation doing an insurance business of any kind within the State of Delaware, excepting that of workmen's compensation insurance, shall, on the twenty-eighth day of February of each year, pay to the Insurance Commissioner, for the use of the State, one and one-half per centum upon the gross amount of premiums received and assessments collected upon persons or on the lives of persons resident in, or upon real and personal property located within this State, by any such insurance company, firm or corporation, or the authorized agent thereof, for the calendar year immediately preceding the date herein provided for such payments; provided, however, in computing the gross amount of premiums received and assessments collected deductions for dividends paid to policy-holders shall be permitted.

Each and every insurance company, firm or corporation as hereinbefore mentioned in this Section shall at the time of making such payments, deliver to the Insurance Commissioner a full and detailed statement showing the gross amount of premiums received and assessments collected and dividends paid to policyholders by such insurance company, firm or corporation, or the authorized agent thereof, for the calendar year immediately preceding the date herein provided for such payments, and such statement shall be verified by the oath or affirmation of the President or Secretary of said company, duly administered by some person authorized to administer oaths.

Section 2. That Chapter 6 of the Revised Code of the State of Delaware be, and the same is hereby amended by repealing 105A. Section 68-A. as the same is found in Chapter 8, Volume 28, Laws of Delaware.

Section 3. All acts or parts of Acts inconsistent with this Act are hereby repealed insofar as any inconsistencies shall exist.

Approved May 6, 1929.