ME | The Maine Department of Revenue has posted the following information to its Insurance Taxes page:
Non-Admitted (Surplus) Premiums Tax
Every licensed producer and self procured person/entity that has nonadmitted gross direct insurance premiums (surplus lines insurer) and does business or collects premiums in Maine, whether in cash or otherwise, must pay a surplus lines premiums tax on the nonadmitted gross direct insurance premiums written on risks located or resident in the State, as follows:
- For tax years beginning before January 1, 2023, the tax rate is 3% of the nonadmitted gross direct insurance premiums written on risks located or resident in the State.
- For tax years beginning on or after January 1, 2023, the tax rate is the greater of 3% and the highest tax rate that applies to nonadmitted insurance premiums in the state, district or possession of the United States, or province of Canada in which the insurer is incorporated. An insurance company incorporated in another country is deemed to be incorporated in the state, district or possession of the United States where it has elected to make its deposit and establish its principal agency in the United States.
For additional information on this change, refer to the following statutory cites: