West Virginia Insurance Commission



West Virginia Offices of the Insurance Commissioner30175209271000Filing Instructions - CompanyPlease read carefully!Frequently Asked Questions (Click on FAQ or scroll down)Who must file the Annual Premium Tax Statement and Annual Tax Payment Form and when?What other documents must be submitted at the same time as the Annual Premium Tax Statement?What kind of signature does West Virginia require?What is the mailing address for the Annual Premium Tax Statement?Where can I get detailed instructions for filling out these forms?How do I file the Annual Tax Payment Form?What is the mailing address for the Annual Tax Payment Form and the Quarterly Tax Payment Form, if not filed online?Who do I make my check payable to? HYPERLINK \l "Question_Nine" What does the quarterly (1st, 2nd, and 3rd) prepayments consist of and when are they due? HYPERLINK \l "Question_Ten" What happens if my filing is late or I do not file?HYPERLINK \l "Question_Eleven"Can I use tax forms from other sources? HYPERLINK \l "Question_Twelve" Is there additional information I need to know?HYPERLINK \l "Question_Thirteen"How can I contact you if I need additional information? HYPERLINK \l "Question_Fourteen" If I file through OPTins, is a hardcopy still required to be filed?Who must file the Annual Premium Tax Statement and Annual Tax Payment Form and when?W. Va. Code §33-43-6(a) requires that a premium tax filing be submitted, even if a tax payment is not required to be made for that tax period. The Annual Premium Tax Statement (WV Form IC-PT) and Annual Tax Payment Form are due on or before March 1, and must be filed even if there is a zero remittance. These forms are to be completed by all insurance companies subject to insurance taxes levied by Chapter 33 and 23 of the West Virginia Code which includes property & casualty insurers; risk retention groups; life insurers; health insurers; and title insurers. Please note: risk retention groups, Fair Plan, and unlicensed carriers have an abbreviated form to complete.The forms are located at: . In order to access these forms, you may need Excel 2003 or a newer version. There are six tabs consisting of the Informational Page, Annual Premium Tax Statement, Annual Tax Payment Form, Annuities, Returned Annuities and Attestation form. The boxes outlined in Blue are the only areas that require your input, if applicable. If you need further assistance for filing out the Annual Premium Tax Statement or accompanying forms, go to Detailed Instructions. Please note: The Informational Page must be completed first.DUE DATES:Quarter 1 – On or before April 25 (Tax Period: January 1 – March 31)Quarter 2 – On or before July 25 (Tax Period: April 1 – June 30)Quarter 3 – On or before October 25 (Tax Period: July 1 – September 30) Quarter 4 (Annual Filing) – On or before March 1 (Tax Period: October 1 – December 31)What other documents must be submitted at the same time as the Annual Premium Tax Statement? PLEASE NOTE IF SUBMITTING TAX FILING THORUGH OPTINS, THESE ADDITIONAL DOCUMENTS CANNOT BE ATTACHED. THEY MUST BE MAILED AT THE ADDRESS BELOW. Property & Casualty Companies – one (1) copy of the West Virginia State Page from the Annual Financial Statement, Jurat Page, Certificate of Deposit, Certificate of Compliance/Good Standing from your state of domicile, and a Certificate of Advertising. An example of the Certificate of Advertising is located on our website at: . Risk Retention Groups – one (1) copy of the West Virginia State Page from the Annual Financial Statement, Jurat Page, Certificate of Deposit, and Certificate of Compliance/Good Standing from your state of domicile.Life, Accident & Health Companies and companies filing on the Health Insurers Blank – one (1) copy of the West Virginia State Page from the Annual Financial Statement, Jurat Page, Certificate of Valuation, Certificate of Deposit, Certificate of Compliance/Good Standing from your state of domicile, and Certificate of Advertising. An example of the Certificate of Advertising Compliance is located on our website at: . Title Companies – one (1) copy of Schedule T from the Annual Financial Statement and the Jurat Page.What kind of signature does West Virginia require?The Annual Premium Tax Statement must bear an original signature if submitted by mail. Since WV is now accepting the annual tax filing through OPTins, the signature does not need to be notarized. What is the mailing address for the Annual Premium Tax Statement?All Annual Premium Tax Statement’s must be signed and mailed to our office if not submitted through OPTins.USPS Mailing Address:Shipping Address:Tax Audit SectionTax Audit SectionP. O. Box 505421124 Smith Street, Room 102Charleston, WV 25305-0542Charleston, WV 25301Where can I get detailed instructions for filling out these forms?For detailed instructions, go to: and click on the Detailed Instructions.How do I file the Annual Tax Payment Form?When you enter information into the Annual Premium Tax Statement, the Tax Payment Form is automatically pre-filled for you. All you have to do is print it as a full page. There are several different payment methods. Our Office has implemented OPTins (Online Premium Tax for Insurance). OPTins is a product of the National Association of Insurance Commissioners (NAIC), and has been developed to facilitate Premium Tax submission of forms and payments that are due quarterly and annually. The steps are very simple and require no formal training but you do have to pre-register before you can utilize OPTins. Please note it takes 2 to 3 weeks to get registered with the OPTins system. WV is now accepting the annual tax filing through OPTins. If the filing is not submitted through OPTins, then a hardcopy must be submitted to WV and received by no later than March 1. There are easy to follow instructions available at: and click the button “Click Here to Login to OPTins” in the upper right-hand corner. You can also contact the NAIC OPTins Marketing Team at optinsmktg@ or call (816) 783-8787. We encourage your participation. The second method is by check. Submit the Tax Payment Form printed as a full page and mail it (not a copy) with your payment to the address provided on the form. Do not use the same form for multiple companies as the scan line at the bottom is only for the company printed at the top. Reminder: You can not remit one check for multiple companies. FOR ZERO QUARTERLY FILERS ONLY: Another method is through the West Virginia Offices of the Insurance Commissioner’s website. This website is located at: . Keep your confirmation number on file.If you file through OPTins or our West Virginia Offices of the Insurance Commissioner website, a copy of the Tax Payment Form and Annual Filing should be kept for your records and does not need to be sent to our office. What is the mailing address for the Annual Tax Payment Form and the Quarterly Tax Payment Form, if not filed online?Submit the forms (must be printed as a full page and not reduced) and check to:West Virginia Insurance CommissionerSTO/RPDP. O. Box 1913Charleston, WV 25327Who do I make my check payable to?Make all checks payable to: WV Offices of the Insurance Commissioner.What does the quarterly (1st, 2nd, and 3rd) prepayments consist of and when are they due?W. Va. Code §33-43-6(e) states that for each of the quarters [first (due on or before April 25), second (due on or before July 25), and third (due on or before October 25)], payment must be submitted based on either one-fourth of the total tax paid during the preceding calendar year OR 80% of the actual tax liability for the current calendar year. Even if there is a zero remittance, a filing must be made for each quarter. What happens if my filing is late or I do not file?West Virginia Code requires us to charge you a penalty with interest for late filings. For reference, these code sites are:1) W. Va. Code §33-43-7(a) which imposes a penalty of twenty-five dollars ($25) for each day throughout which a taxpayer fails to file.2) W. Va. Code §33-43-7(b) imposes a penalty of 1% of the unpaid portion for each day throughout for failure to pay a tax/fee liability in full.3) W. Va. Code §33-43-11 makes the taxpayer liable for interest on any unpaid final assessment or penalty or portion thereof.Filings not properly completed may be returned for completion and resubmission.If the Annual Premium Tax Statement is not filed with the WV Offices of the Insurance Commissioner or your payment, penalty, and/or interest remains unpaid after repeated attempts to acquire, your account will be forwarded to our Legal Division for review to determine appropriate further administrative action which could include but not be limited to enhanced penalties, suspension, or revocation. Can I use tax forms from other sources?Yes but computer generated or tax software packages for these forms must work the same as the forms located on our system. Please note the Company could be subject to penalties and interest if the computer generated forms are not calculating correctly causing errors. Is there additional information I need to know?This Office does not accept Service of Process Forms or remittances required by the Office of the West Virginia Secretary of State. Those items must be submitted by the insurer to the Service of Process Section, Office of the West Virginia Secretary of State.How can I contact you if I need additional information?Our tax section e-mail address is: wvtaxsection@Our telephone number is: (304) 558-2100 Our fax number is: (304) 558-1365Our office hours are: Monday through Friday 8 a.m. to 5 p.m. (EST)Our web address is: If I file through OPTins, is hard copy still required to be filed?No a hard copy of the Premium Tax Statement is not required if you file through OPTins. If you do not file through OPTins, then a hardcopy must be submitted to the WV Offices of the Insurance Commissioner and received (not postmarked) by March 1. Top of the Document ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download