New York State seal

June 10, 1964

SUBJECT: INSURANCE

WITHDRAWN

Circular Letter 64-7

TO ALL FIRE AND CASUALTY COMPANIES

The recent amendments to the New York State Insurance Law and the New York State Tax Law contained in Chapter 163, Laws of 1964 in regard to taxation of premiums on risks located outside the United States is effective for premiums received from January 1, 1964 to December 31, 1965.

In order that you may begin to accumulate the information which you will need for computation of your tax liability under the revised statutes, this office is listing the items that will be involved.

As used herein, the term "insurance on alien risks" shall mean insurance on property or risks located or resident outside the United States, the premiums for which are written, procured, or received in New York State and are not allocated or apportioned and reported as taxable premiums of any other state or states except for marine insurance subject to tax under Section 555 of the Insurance Law and for accident and health insurance.

1. Gross premiums less return premiums for insurance on alien risks.

2. Premiums paid for reinsurance on contracts of insurance on alien risks.

3. Net unearned premiums at the end of the taxable year on all outstanding contracts of insurance on alien risks.

4. Net unearned premiums at the end of the calendar year next preceding the taxable year on all outstanding contracts of insurance on alien risks.

5. Payments made, less reinsurance and salvage collected, during the current calendar year on losses incurred under contracts of insurance on alien risks.

6. Reinsurance and salvage recoverable December 31 of the previous year on losses incurred under contracts of insurance on alien risks.

7. Amount unpaid December 31 of the current year on losses incurred under contracts of insurance on alien risks.

8. Reinsurance and salvage recoverable December 31 of the current year on losses incurred under contracts of insurance on alien risks.

9. Amount unapid December 31 of the previous year on losses incurred under contracts of insurance on alien risks.

10. Net dividends paid or credited to policyholders on contracts of insurance (including reinsurance) on alien risks.

Very truly yours,

[SIGNATURE]

HENRY ROOT STERN, JR.

Superintendent of Insurance