When are surplus lines brokers required to submit a tax report to the commissioner?

Surplus lines brokers are required to submit a tax report to the commissioner quarterly on the 1st. This requirement ensures that the state can monitor and collect the appropriate taxes associated with the surplus lines insurance that brokers are handling. Quarterly reporting strikes a balance between maintaining adequate oversight while not being overly burdensome on the brokers.

In Louisiana, this periodic submission allows for timely accounting of the premium taxes that brokers owe on the transactions they have conducted within that period. By adhering to this schedule, surplus lines brokers contribute to the state's revenue in an organized manner, facilitating effective regulation and support for the insurance market.