Minnesota Filing Guide

Filing Steps

1. 13% tax on gross premiums less return premiums
2. 20.04% stamping fee to SLAM (on taxable premium including broker fees)
3. 3Semiannual filing - not quarterly (unique to Minnesota)
4. 4Period 1: Jan 1-June 30 due Aug 15
5. 5Period 2: July 1-Dec 31 due Feb 15
6. 6Must file even if no activity
7. 7Separate Minnesota tax ID required (not SSN or agency ID)
8. 8Register for MN tax ID online as Sole proprietor, NAICS 524210
9. 9Electronic payment mandatory if insurance taxes ≥ $10,000 in last 12 months
10. 10Broker fees included in gross premiums per Revenue Notice #20-01
11. 11When broker receives fee instead of commission, include commission would have collected
12. 12Stamping fees assessed on taxable premium including broker fees
13. 13Must register with SLAM before filing (www.mnsla.com)
14. 14Required red ink 10-point notice on all policies
15. 15Notice: THIS INSURANCE IS ISSUED PURSUANT TO THE MINNESOTA SURPLUS LINES INSURANCE ACT...
16. 16If more than 2 pages, submit Excel file in addition to printout
17. 17Excel must include all columns and subtotals on each page
18. 18Separate payments required for each filing period
19. 19Postmark date is considered filing date
20. 20Late payment penalty: 5% per 30 days up to 15%
21. 21Late filing penalty: additional 5% (max combined 20%)
22. 22Additional 5% penalty if required to pay electronically but dont
23. 23Interest at 8% (2025 rate) on unpaid tax plus penalty
24. 24Return premiums must include note of original filing period

Required Forms

• Form IG260 - Nonadmitted Insurance Premium Tax Return
• Payment Voucher (if paying by check)
• Excel file (if more than 2 pages of transactions)

Common Issues to Avoid

• Not obtaining separate Minnesota tax ID
• Using SSN or agency tax ID instead of MN tax ID
• Missing semiannual filing deadline
• Not filing when there is no activity
• Missing required red ink 10-point notice
• Not registering with SLAM before filing
• Not paying electronically when required
• Incorrect broker fee calculation
• Not including broker fees in gross premiums
• Stamping fee calculated on policy premium instead of taxable premium
• Missing Excel file when more than 2 pages
• Not making separate payments for each period
• Missing subtotals on each page of Excel file

Helpful Tips

• Register for MN tax ID well in advance via e-Services
• Register with SLAM before first filing (www.mnsla.com)
• Set semiannual reminders for Aug 15 and Feb 15
• Keep template of required red ink notice
• Review Revenue Notice #20-01 for broker fee calculations
• If broker receives fee instead of commission, document what commission would have been
• Remember stamping fee applies to taxable premium including broker fees
• Check if electronic payment required ($10K threshold)
• If more than 2 pages, prepare Excel file before submission
• Include subtotals on each page of Excel file
• Make separate payments for each semiannual period
• For return premiums, note which period original was filed
• Mail to: MN Dept of Revenue, MS 1780, 600 N. Robert St., St. Paul, MN 55146-1780
• Use Payment Voucher System to create voucher if paying by check
• Foreign insurers: verify $15M capital and surplus
• Alien insurers: confirm NAIC Quarterly Listing inclusion

Frequently Asked Questions