Producer FAQ
I have a credit balance on my tax
return. How do I get the money back?
You should speak to the
Department of Insurance about this situation. Contact John O'Brian
at (217) 782-0055. Often, they will let you use a credit balance on one tax statement to
offset taxes due on the next statement by enclosing a letter explaining
that you are using a prior credit to offset current taxes, and by enclosing a
copy of the previous tax statement showing the credit balance.
Pursuant to
Section 412 of the Illinois Insurance Code, upon request of
the licensee, the Department of Insurance MAY provide a cash refund of
overpaid taxes provided that there are sufficient funds in the Insurance
Premium Tax Refund Fund, the overpayment is $100 or greater, and the
overpayment is greater than the licensee's estimated tax liability
for the year following the year of the refund request. For
further information, contact the Department of Insurance.
If you have a credit balance and you will no longer be writing surplus
line business, you may be allowed to sell your credit to another licensee.
This must be coordinated with the Surplus Line Association and the Department of Insurance. Contact the
Association for assistance.
Disclaimer
The materials and information contained herein are only synopses of laws,
regulations and other information and do not constitute legal advice. It is
recommended that you consult your legal advisers regarding application of
state and federal laws and regulations to any particular situation. The
Surplus Line Association does not undertake and hereby disclaims any
obligation to advise you of any change to state and federal laws and
regulations or the procedures of the Surplus Line Association.
|
