Insurance Premium Tax

The Insurance Premium Tax is a commonly missed state tax planning opportunity when utilizing insurance, particularly private placement insurance (PPLI). It is a tax that is levied upon insurers, both domestic and foreign, for the privilege of engaging in the business of providing insurance in the state. The tax is passed to consumers through the payment of insurance premiums and it varies dramatically among states. Significant tax savings can be realized by purchasing a policy within a trust sitused in a state with a low Insurance Premium Tax, such as South Dakota, which has the LOWEST Insurance Premium Tax in the nation.
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