Foreign Insurance Tax Information
- Who Must File an Insurance Premiums Tax Return – Nonresident and Foreign Companies
- When to File (Tax Due Dates and Extensions)
- How to File
- Electronic Payment Options
- Estimated Tax Payments
- Interest and Penalties
Who Must File an Insurance Premiums Tax Return - Nonresident and Foreign Companies
Insurance companies incorporated by or organized under the laws of any other state or foreign government and doing business in this state shall, annually, pay to said commissioner, in addition to any other taxes imposed on such company or its agents, a tax on all net direct premiums received by such company in the calendar year next preceding from policies written on property or risks located or resident in this state, excluding premiums for ocean marine insurance, and, upon ceasing to transact new business in this state, shall continue to pay a tax upon the renewal premiums derived from its business remaining in force in this state at the rate that was applicable when such company ceased to transact new business in this state.
When to File (Tax Due Dates and Extensions)
Form 207F, Connecticut Insurance Premiums Tax Return - Nonresident and Foreign Companies is due on or before March 1 of the succeeding calendar year for insurance premiums tax liability for the preceding calendar year.
To request additional time to file a Connecticut Insurance Premiums Tax Return – Nonresident and Foreign Companies, see Form 207F EXT, Application for Extension of Time to File Connecticut Insurance Premiums Tax Return Nonresident and Foreign Companies
File and pay Form 207F electronically using myconneCT. For more information visit Filing and Paying Connecticut Taxes Electronically.
Click here to File, Pay, or Register Now on myconneCT!
Visit myconneCT to make an electronic payment. After logging in to myconneCT, find your tax account on the Summary screen, select the Make a Payment link, and choose your payment method.
- Pay by Direct Payment: Using this option authorizes DRS to electronically withdraw a payment from your bank account (checking or savings) on a date you select up to the due date.
- Pay by Credit Card or Debit Card: You may elect to pay your tax liability using a credit card (American Express®, Discover®, Master Card®, Visa®) or comparable debit card. A convenience fee will be charged by the credit card service provider. You will be informed of the amount of the fee and may elect to cancel the transaction. Your payment will be effective on the date that you make the charge.
At the end of the transaction, you will receive a confirmation number for your records. As a reminder, even if you pay electronically, you must still file your return by the due date. Tax not paid on or before the due date will be subject to penalty and interest.
ACH Credit
ACH credit method users should consult with their banking institution for guidelines to ensure that payment is received timely. (Taxpayers must pre‑register with the DRS Electronic Commerce Unit (ECU) prior to using this option). The taxpayer initiates an electronic payment through their banking institution. This payment must be sent in the ACH standard CCD+TXP format. For more information visit Filing and Paying Connecticut Taxes Electronically.
Each nonresident or foreign insurance company that is carrying on an insurance business in Connecticut and whose insurance premiums tax, after the application of guaranty association assessment offsets and general business tax credits, for the calendar year will be $1,000 or more must file. To file and pay estimated taxes electronically, visit myconneCT.
For estimated insurance premiums tax purposes, a nonresident or foreign insurance company’s required annual payment is the lesser of:
- 90% of the tax shown on its current year Form 207F after the application of guaranty association assessment offsets and general business tax credits; or
- 100% of the tax shown on its prior year Form 207F, Line 16.
If a payment due with these coupons is not made on or before the due date of the coupon, interest will accrue at the rate of 1% per month or fraction of a month on the amount not paid from the due date of the coupon until the date of payment.
If the due date falls on a Saturday, Sunday, or legal holiday, the return is considered timely if filed on the next business day.
Please note that each form is year specific. To prevent any delay in processing your return, the correct year’s form must be submitted to the Department of Revenue Services (DRS).
| Estimated Tax Payments | ||
| Estimated Tax Due Dates | Required Payments Amounts The estimated for the income year |
|
| First | ESA - Fifteenth day of the third month of the income year |
30% of your required annual payment |
| Second | ESB - Fifteenth day of the sixth month of the income year |
30% of your required annual payment (A total of 60% of your required annual payment should be paid by this date.) |
| Third | ESC - Fifteenth day of the ninth month of the income year |
20% of your required annual payment (A total of 80% of your required annual payment should be paid by this date.) |
| Fourth | ESD - Fifteenth day of the twelfth month of the income year |
20% of your required annual payment (A total of 100% of your required annual payment should be paid by this date.) |
In general, interest and penalty apply to any portion of the tax not paid on or before the original due date of the return.
Interest
Interest for late payment is 1% per month or fraction of a month from the due date.
Penalty for Late Payment
Penalty for late payment is 10% of the tax due or $50, whichever is greater.