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Direct Procured Insurance Tax

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Any individual or business that buys insurance directly from a non-admitted insurer must report the Non-Admitted Direct Procured Insurance Premium Tax.

If you are required to file and pay Self-Procured Insurance Tax, file Form IG255, Nonadmitted Insurance Premium Tax Return for Direct Procured Insurance, and pay the tax by March 1.

This tax can only be filed by paper, but can be paid electronically through our e-Services system.

The department is proposing changes to Form IG255, Nonadmitted Insurance Premium Tax Return for Direct Procured Insurance. The proposed updates in this draft form define more clearly what "nonadmitted insurance" means and further clarify the types of direct procured insurance policies that must be reported to the department for insurance premium tax.

In addition to surplus lines policies purchased directly from nonadmitted insurance companies (purchased without the assistance of a surplus lines broker), premiums paid to a captive insurance company must also be reported on Form IG255.

Please submit any questions or comments regarding the proposed updates to insurance.taxes@state.mn.us by September 30, 2020.

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