NY| The Excess Line Association of New York (ELANY) issues Bulletin No. 2024-23 offering general guidance for brokers on fees that are and are not subject to premium tax. ELANY specifies that “fees charged by an excess line insurer are subject to premium tax, while fees charged by a broker are not.”
They specifically cover taxability on:
- Policy and Inspection Fees
- Installment and Reinstatement Fees
- Broker Service Fees
- Other Fees
- Audit Fees
- Loss Control Fees
- Processing Fees
