
Bond of Surplus Line Broker to the General Treasurer of the State of Dbr Ri Form
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People also ask
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What is RI sales tax on groceries?
Most groceries are exempt from sales tax in Rhode Island. However, prepared foods, soft drinks, candy, dietary supplements, and other grocery items are taxable.
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What is the surplus line tax in RI?
Surplus lines tax: 4%, payable by broker. Rhode Island does not allow the formation of domestic surplus lines insurers in the state.
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What is a surplus line broker?
A surplus lines broker is an insurance intermediary who represents the insured rather than the insurer. A surplus lines broker specializes in helping consumers find surplus lines insurance coverage in the non-admitted market.
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What is the surplus profit tax?
An excess profits tax is an extra tax levied on business profits or income above a specified rate of profit. Companies or self-employed individuals who earn above the specified level have to pay an additional tax on that income.
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How does surplus line tax work?
Surplus lines tax is a type of tax that is imposed on insurance policies that are not covered by the state's admitted insurance market. This means that the insurance policy is not regulated by the state's insurance department and is instead placed with a non-admitted insurance company.
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What is the budget surplus in Rhode Island?
The $77 million surplus for this fiscal year would be a reduction compared with the 2023-24 fiscal year, which closed on June 30 with a $292 million budget surplus. It's also well down from the unusually large surpluses the state ran during the pandemic.
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