Tax Rate
4.00%
Filing Frequency
Annual
Annual Premium Report due July 31 to Division of Taxation. Quarterly estimated tax payments (25% each) due April 15, June 15, September 15, and December 15.
Filing Method
Contact state for details
Format: Online portal submission via SLAS Clearinghouse SLIP+ or XML submission
Requirements
Rhode Island requires annual premium reports filed with the Division of Taxation by July 31. Quarterly estimated tax payments required at 25% of estimated annual tax on April 15, June 15, September 15, and December 15. The state maintains an approved list of foreign surplus lines insurers with $15 million minimum capital requirement. All policies must include a 10-point boldface notice that coverage is not protected by the Rhode Island Insurers Insolvency Fund.
Filing Steps
- 14% tax rate applies to all taxable surplus lines premiums
- 2Quarterly estimated payments required (25% per quarter)
- 3Annual reconciliation due July 31
- 4Insurer must be on Rhode Island approved foreign insurer list
- 5$15M minimum capital requirement for eligible insurers
- 610-point boldface insolvency fund notice required on all policies
- 7File through SLIP+ portal or XML submission
- 8Ocean marine and industrial insurance exemptions available
- 9NRRA commercial purchaser exemption applies
Common Issues to Avoid
- Missing quarterly estimated tax payments
- Failure to include required insolvency fund notice
- Using non-approved insurers
- Incorrect calculation of industrial insurance exemption criteria
- Missing annual reconciliation by July 31 deadline
Helpful Tips
- Set quarterly payment reminders for April 15, June 15, Sept 15, Dec 15
- Verify insurer is on approved foreign insurer list before binding
- Include required 10-point boldface notice on all policies
- Document industrial insurance exemption criteria (25+ employees, $25K+ premium)
- Ocean marine policies are fully exempt from Rhode Island tax
- Commercial purchaser exemption available under NRRA
- Annual filing consolidates all quarterly activity
Important Notes
Rhode Island increased surplus lines tax from 3% to 4% under Insurance Regulation 11. The state maintains an approved list of foreign surplus lines insurers. Various exemptions include ocean marine, industrial insurance (25+ employees, $25K+ premiums), and specific risk categories including amusement parks, environmental sites, event cancellation, railroad liability, and fireworks operations. NRRA commercial purchaser exemptions apply.
Frequently Asked Questions
What is the surplus lines tax rate in Rhode Island?
The surplus lines tax rate in Rhode Island is 4.00%.
When is surplus lines tax due in Rhode Island?
Annual Premium Report due July 31 to Division of Taxation. Quarterly estimated tax payments (25% each) due April 15, June 15, September 15, and December 15.
How do I submit surplus lines filings in Rhode Island?
Contact the state insurance department for filing instructions.