New Hampshire Hikes Surplus Lines Taxes

Surplus lines taxes in New Hampshire have gone up 50 percent, as a law change passed earlier this year went into effect this month.

The tax rate now stands at 3 percent of premiums, up from 2 percent. Originally, lawmakers had sought a 4 percent tax rate.

Company fees also went up slightly – in most cases by small sums, although the fee for new applications for a certificate of authority increased from $300 to $1000.

It’s the second of two changes that surplus lines producers have seen in the Granite State in recent months.

In May, the New Hampshire Insurance Department transferred its system for submitting forms and payment to the OPTins (Online Premium Tax for Insurance) system, which is an online product launched by the National Association of Insurance Commissioners (NAIC).