CLHIGA Member Insurers to Pay 50% of Refunded Assessment to DRS
Purpose: This Announcement informs each member insurer of the Connecticut Life and Health Insurance Guaranty Association (Association) that was refunded any portion of assessments made by the Association during calendar year 1996 of the statutory requirement imposed on the member insurer to pay 50% of the refunded assessment to the Department of Revenue Services (DRS) on or before March 18, 2005, if the member insurer offset the 1996 assessments against its Connecticut insurance premiums tax liability for calendar year 1996.
Effective Date: Upon issuance.
Statutory Authority: Conn. Gen. Stat. §38a-866(h), as in effect for calendar year 1996.
Payment by Member Insurers Required by March 18, 2005: On or about February 1, 2005, the Association refunded to its members a portion of the Association’s 1996 assessments made to meet the Association’s obligations for First Connecticut Life Insurance Company. Therefore, each insurer which offset the 1996 assessments paid to the Association against its Connecticut insurance premiums tax liability for calendar year 1996 is required to pay to DRS 50% of the assessment refunded on or before March 18, 2005. If an insurer did not offset the 1996 assessments against its Connecticut insurance premiums tax liability for calendar year 1996, the insurer must promptly advise DRS of this fact. If the amount an insurer is required to pay to DRS is not paid on or before March 18, 2005, DRS will bill the insurer for the amount and will assess interest at the rate of 1% per month or fraction of a month from March 19, 2005 to the date of payment.
Effect of This Document: Announcements alert taxpayers to new developments (other than newly enacted or amended Connecticut or federal laws or newly released judicial decisions), including new administrative positions, policies, or practices.
Insurance Companies Tax
Guaranty Association Assessment Refund