Premium Taxes — Additional Taxes for Writing Fire Coverage
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All county mutual insurance companies shall pay a premium tax in accordance with chapter 4, part 2 of this title.
In addition to the premium taxes levied on county mutual insurance companies under subsection (a), any county mutual insurance company writing fire insurance and lines of business having fire coverages as a part of the risk rate shall pay additional taxes as found in § 56-4-208 for the purpose of executing the fire marshal law. For the purposes of this subsection (b), the following portions of the amounts required to be reported by line of business in the annual statement required by § 56-22-109 shall be considered premiums for insurance covering the peril of fire:
Fire lines, one hundred percent (100%);
Farmowners and homeowners multiple peril, fifty-five percent (55%); and
Combined coverages, including fire, extended coverages, vandalism, malicious mischief and theft, sixty percent (60%).
Payments for those premium taxes levied on county mutual insurance companies under subsection (a) shall be paid on a quarterly basis, with payments being due on or before June 1 for the first quarter of the calendar year, September 1 for the second quarter, December 1 for the third quarter and March 1 for the fourth quarter of the previous calendar year.
Should any county mutual insurance company fail or neglect to properly make the returns and payments required under this section, the county mutual insurance company shall be subject to the interest and penalties found in § 56-4-216.