Late Filings
Late Tax Filings
The North Carolina Department of Insurance and the North Carolina Department of Revenue mandate that any tax filing that is filed over one year (365 days) after the inception date is a late filing.
(a) Within 30 days after the placing of any surplus lines insurance, the surplus lines licensee shall file with the Commissioner or the stamping office, as appropriate, a report in a format prescribed by the Commissioner.
Late Filing Penalties
These late filings will automatically be assessed a penalty imposed by North Carolina General Statute 105-236(a)-3 of 25% of the premium tax and the stamping fee due subject to a minimum tax penalty of $5.00.
Late filing penalties cannot be waived under any circumstance, since they are mandated by the State of North Carolina General Statutes. The penalties for late filings will be individually assessed by the NCSLSO and will appear on your quarterly invoices.
In case of failure to file any return on the date it is due, determined with regard to any extension of time for filing, the Secretary shall assess a penalty equal to five percent (5%) of the amount of the tax if the failure is for not more than one month, with an additional five percent (5%) for each additional month, or fraction thereof, during which the failure continues, not exceeding twenty-five percent (25%) in aggregate.