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Forms West Virginia Offices of the Insurance Commissioner

Forms West Virginia Offices of the Insurance Commissioner

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my presentation is an overview of the various insurance premium taxes and surcharges that ultimately make up the insurance premium that our citizens pay there are four primary texts at I'll touch on and they certainly support significant amounts of dollars for general revenue municipal pensions volunteer fire departments Fire Marshal's Office and the Teachers Retirement System also touch on where West Virginia's premium tax percentage compares to that of other states and finished with the workers compensation surcharge so the first significant tax and the broadest tax is the three percent premium tax and you can find that in chapter 33 314 that's the first two percent and then in chapter 33 3 14 8 there's another one percent added these funds go into what's called the insurance text one which is ultimately transferred to the general revenue fund the text is assessed on all lines of insurance unless an insurance company may have a special

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