Online Premium Tax for Insurance (OPT ins )

Circular Letter No. 7 (2011) April 7 , 2011 TO: All Property/Casualty Insurance Companies; Co-Operative Property/Casualty   Insurance Companies; and Reciprocal Insurers RE: Online Premium Tax for Insurance (OPT ins ) STATUTORY REFERENCE: New York Insurance Law §§ 7604, 9108, and 9110; Workers’ Compensation Law § 108 Starting June 1, 2011, the New York State Insurance Department will implement Online Premium Tax for Insurance (OPT ins ). OPT ins, a product of the National Association of Insurance Commissioners (NAIC) , has been developed to facilitate the submission of required filings and payments that are due monthly, quarterly and annually. The Department strongly encourages your participation. Insurers will be able to submit filings through OPT ins for the fire insurance fee under Insurance Law § 9108, the motor vehicle law enforcement fee under Insurance Law § 9110, the workers compensation security fund under Workers’ Compensation Law § 108 and the public motor vehicle liability security fund under Insurance Law § 7604. The steps to submit a tax filing are straight forward and require no formal training. Easy to follow instructions are available at: http://www.optins.org. Once the user registers and sets up an account, the user will be able to log in, upload filing forms and submit payment online. No more paper checks are needed – everything is electronic and tax forms along with the payment are received at the Insurance Department immediately upon submission by the insurer. Using OPT ins allows insurers to save time and ensure that both the forms and payment are received together and on time. Currently, the NAIC charges a nominal fee to use OPT ins . To implement OPT ins , contact the OPT ins Marketing Team at [email protected] or call (816) 783-8787. Please direct any questions or comments regarding this circular letter to the Bureau of Taxes and Accounts by email at [email protected] . Sincerely, ___________________________________ Karen E. Cole Director of Administration and Operations