Form INS-7 Nonadmitted Premiums Tax (Self-procured & Surplus Lines) Annual Reconciliation / Return - Maine

What Is Form INS-7?

This is a legal form that was released by the Maine Revenue Services - a government authority operating within Maine. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form INS-7?
A: Form INS-7 is the Nonadmitted Premiums Tax (Self-procured & Surplus Lines) Annual Reconciliation/Return for Maine.

Q: Who needs to file Form INS-7?
A: Individuals or entities engaged in self-procured insurance or surplus lines insurance in Maine need to file Form INS-7.

Q: What is Nonadmitted Premiums Tax?
A: Nonadmitted Premiums Tax is a tax on insurance premiums paid to insurance companies that are not licensed in the state where the insured property or risk is located.

Q: What is self-procured insurance?
A: Self-procured insurance is when an individual or entity directly arranges and pays for insurance coverage without going through a licensed insurance company.

Q: What are surplus lines insurance?
A: Surplus lines insurance is insurance coverage obtained from an insurance company that is not licensed in the state where the insured property or risk is located.

Q: What is the purpose of Form INS-7?
A: Form INS-7 is used to reconcile and report nonadmitted premiums tax liabilities for self-procured and surplus lines insurance in Maine.

Q: When is Form INS-7 due?
A: Form INS-7 is due annually on March 15th.