(a) In addition to the taxes provided for in this chapter for associations, and license fees as provided in this title as to insurers, each such association and insurer shall, annually on or before March 31, file with the Commissioner, its annual statement, in a form as prescribed and furnished by the Commissioner, showing all premiums or assessments received by it from contract holders in the territory during the preceding year, and shall pay to the Government of the Virgin Islands through the Office of the Commissioner, a tax of four percent (4%) on the annual gross receipts from premiums or assessments transacted in the territory or covering risks resident, located or to be performed in the territory.
(b) Premiums and assessments received by insurers and taxed under this section are not subject to any premium tax provided for in this title: Provided, That, penalties and interest charges for the underpayment of or failure to file taxes shall be assessed in the same manner and subject to the same terms and conditions set forth in chapter 25, section 604 of this title.