Insurance Department Adopts Emergency Rules for Electronic Payment of Premium Taxes

The Tennessee Department of Commerce and Insurance adopted temporary rules allowing carriers to pay premium taxes electronically and also started formal rulemaking to adopt the rules on a permanent basis. Temporary rules require carriers to pay premium taxes using the Online Premium Tax for Insurance, or OPTins, tax filing and payment program operated by the National Association of Insurance Commissioners. Carriers will have to pay a $10 "convenience fee" per filing "to cover the department's actual costs incurred by accepting electronic filings through OPTins," the ru...