Insurance Premium Tax FAQs

Insurance Premium Tax FAQs

Per NRS 680B, Nevada imposes a tax of 3.5% of net direct premiums written and net direct considerations written in our state. Qualified Risk Retention Groups pay a premium tax of 2%.

When are the Quarterly Insurance Returns due?

Pursuant to NRS 680B.032 each quarterly payment is due on the last day of the last month in each calendar quarter and is payable on or before the last day of the month next succeeding the calendar quarter for which the payment is due.

How is your filing frequency determined?

Pursuant to NRS 680B.032 each insurer which paid or is required to pay a tax of at least $2,000 on net direct premiums and net direct considerations written during the preceding calendar year, shall file a quarterly report.

My insurance company sent me my renewal notice. My annuity statement indicates I am to pay a tax on my annuity. I have never heard of this before, is this correct?

NRS 680B.027 requires insurers to pay a 3.5% tax on net direct premiums and net direct considerations written in Nevada.  The statute does not prevent the insurer from passing this cost on to their customers.

Can I file my return online?

  • All insurance tax returns will need to be filed electronically effective December 8, 2025.
  • The Insurance Premium Tax (“IPT”), and the Industrial Insurance Premium (“IIP) Tax return will be consolidated into one return (IPT and on the IPR).
  • Annual filers will file only a single return under the Insurance Premium Reconciliation (“IPR”) account due by March 15th of every year.
  • Quarterly filers will file one IPT return for each quarter and a IPR return annually due by March 15th. The system will not allow the IPR to be filed before all quarterly returns are filed.
  • Effective December 8, 2025, all previous paper versions of the returns will no longer be accepted as they are not compatible with our new system. Updated paper returns can be found on our website Tax.nv.gov
  • Pursuant to NRS 680B.032 insurers must report net direct premiums and net direct considerations written during the proceeding calendar quarter, taking credit for overpayments (policy/premium refunds) against the succeeding quarter. 
  • The system does not allow for negative premiums to be entered on quarterly returns OR the IPR return. All policy/premium refunds are to be taken on the IPT quarterly returns following when the refunds had taken place.
  • Example – A positive 2nd quarter is filed. It is discovered that there were actually over-all negative premiums reported for the 2nd quarter. An amended 2nd quarter zero return would need to be filed, and the balance of the negative figure be applied to the 3rd quarter return (as a credit reducing 3rd quarter premium written).
  • Amendments will be restricted to quarterly IPT returns until an annual IPR return is accepted by the Department. At which time, the IPT periods will be locked.
  • You can report increases to premium written on the Annual Premium Tax Reconciliation return without amending the quarterly returns. Keep in mind penalty and interest is assessed back to the original due date that the premiums were reported in.
  • For filing outside of these parameters, please contact the Department.
  • The option to roll a credit forward is no longer an option.

Note: FAQs are for general guidance only. For written advice as it relates to your business, request an advisory opinion from the Department.

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