Insurance Premium Tax (Surplus Lines Purchasing Groups) 2025

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The document is the 2023 IG260 Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers, which outlines the requirements for surplus lines brokers in Minnesota to report and pay taxes on nonadmitted insurance premiums. It includes sections for broker information, premium calculations, tax due, and instructions for filing and payment methods. The form must be submitted semiannually, even if there is no tax liability, with specific due dates and penalties for late submissions.

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Click ‘Get Form’ to open the Insurance Premium Tax (Surplus Lines Purchasing Groups) in the editor.
Begin by filling in your name as the Surplus Lines Broker and your agency name. Ensure you provide a valid Minnesota Tax ID number, as this is required.
Indicate the period for which you are filing by checking either 'Jan. 1 - June 30' or 'July 1 - Dec. 31'.
Complete the contact information section, including your mailing address, email, and daytime phone number.
On page 2, enter details for each policy under columns A through J, ensuring all premiums and fees are accurately reported.
Calculate the total amount due by following the instructions on page 1, ensuring to include any penalties or interest if applicable.
Finally, sign and date the form before submitting it electronically or via mail to ensure timely processing.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is a surplus line insurance?

Surplus line insurance is coverage for higher risks, such as a: Home built on the side of steep bank or an extremely old home. Very expensive racehorse. Rare art or antique collection.

What are the three types of risk typically insured in the surplus lines marketplace?

Risks typically written in the surplus lines market fall into three basic categories: (1) non-standard risks, which have unusual underwriting characteristics; (2) unique risks for which admitted carriers do not offer a filed policy form or rate; and (3) capacity risks where an insured seeks a higher level of coverage

Can groups be formed for the purpose of purchasing insurance?

Group purchasing arrangements (GPA) are public or private efforts to allow more than one small or large employer and/or individuals to pool together to collectively purchase health insurance. They seek to achieve lower cost premiums by bringing smaller groups together to achieve the buying power of large groups.

What are the three main types of risk in insurance?

Insurance Risk Classifications Risks can be considered in three classifications: Financial and Non-Financial. Pure and Speculative.

What is a risk purchasing group?

A Risk Purchasing Group (RPG) is a group of individuals, together for the purpose of purchasing commercial or public entity liability insurance on a group basis from an insurance company.

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What are the three main types of insurable risks?

Most pure risks can be divided into three categories: personal risks that affect the income-earning power of the insured person, property risks, and liability risks that cover losses resulting from social interactions.

Which of the following risks is most likely to be written by a surplus line carrier?

Risks that are typically written in surplus lines generally fall into three categories. Those are as follows: Capacity or catastrophe-prone risks- coverage is too high or too risky than carriers are willing to take on. Such as a business located near hurricane or earthquake prone areas or a rock quarry company.

What are the types of surplus lines insurance?

Surplus lines business consists primarily of property and casualty coverages such as commercial general liability insurance, fire insurance, mobile home policies, automobile physical damage coverage, and medical malpractice insurance.