Remitting Independent Procurement Taxes
All taxes and fees are based on the effective date of the policy and are calculated for you automatically as you enter a filing. IP Tax is currently 0.5%. Fire marshal tax is currently 1% of certain property coverages based on the schedule.
Once you have reported a policy on the ipFile system, the tax invoice from the Illinois Department of Insurance (that’s not us) will arrive within a few days via email.
Don’t send your tax payments to the SLAI (this is a common mistake and it happens all the time – be careful). Pay according to the instructions on the invoice.
If you have any questions, feel free to contact us.