Overview
To begin filing your 2016Premium Tax Statement, log on using the user ID and password you established for portal use. Once logged in, the system will display,an interactive screen, with a list of statements available to edit or view. Click on the blue-lettered link “view/edit draft statement” for 2016 and begin the entry process. The first screen you are presented with shows the eight steps to complete the online tax statement filing. Each step is represented by a link. A brief description of each step appears in a panel on the left side of the screen. . Select each step in order and complete, if applicable. You may select the “skip step” button if you do not have data to enter. As you complete a step, a green check-mark will appear next to the link. You will not be able to finalize the statement until all green check-marks are shown next to step one to step five. Your on-line statement will not be considered "Filed with the Department" unless step 6 is completed.
You have the option to complete your statement using a “Forms Mode” instead of the interactive screen. If you select the forms mode, all data will be presented to you in the same pattern as it appears on a paper statement. You can use the buttons located in the body of the form to update the various Parts.
If you do not complete your PTS filing within 30 minutes, you will be "timed out", and the data on your current screen will not be saved. You will have to log in again and enter the data again. It is recommended that you save your input every fifteen minutes to avoid “timing out”. In the event the system times out, you must log in again, then select the step you were working on prior to “timing out”.
Step 1: Update your identity information. The next screen has the information we have on file for your broker's license. Please note, if any of this information is incorrect, you must contact the Licensing Bureau of the NYSDFS to update it. For Part I, if you have received Report #1 from ELANY, check box one for question one. If you did not write any business, check box number two. If you wrote business, but did not file it with ELANY, you will need to enter it in Part IV (a) and check box number three. For Part II, if you receive Report #2 from ELANY, check box one, otherwise, check box two.
Step 2: Print data available for completion of your tax statement. This data consists of the ELANY Report #1, ELANY Report #2, and your prior year submission of Parts IV (a) and (b).
Step 3: Enter Part IV (a) of the premium tax statement. Part IV (a) should contain entries for all business written which was not reported to ELANY and not included on the ELANY Report #1. Note: Report these items to ELANY as soon as possible.
Step 4: Enter Part IV (b). Part IV (b) is to adjust for duplicate or incorrect items on the ELANY Report #1. Do not use this section to adjust for the items included in 2015 Tax Statement Parts IV (a) and (b).
Step 5: Part IV (c). This part has been revised. The portal will no longer upload the entries you entered in your 2015 premium tax statement’s part IV (a) & (b). You need to enter the policies that was reported on BOTHELANY’s 2016 report and your 2015 and/or prior years’ premium tax statements Part IV (a) & (b).
Step 6: Review and submit your statement. Before you can submit the statement, you should make sure there were green check marks in front of step 1 to step 5. Carefully check all the entries to be sure you have entered the right data. Once you press the "submit" button and enter the required certification information, your statement will no longer be available for editing, and all the data you have entered will be released to the NYS Department of Financial Services. You will be able to view your statement online.
Step 7a: Electronic Payment. You can not do this step until you have finalized your data. If you click on this step for electronic payment and you do not need to mail the payment voucher.
Step 7b: Payment by Check. You can not do this step until you have finalized your data. If you choose to pay by check, you need to print the voucher and mail it with your checks (if required) to the Department. Once you click on this step to pay by check(s), you will NOT be able to choose and make an electronic payment later.
Step 8: Print a copy of the tax statement for your records. A printer-friendly version of your tax statement will be displayed. Use your browser's print capability to send the output to your printer (click FILE, PRINT, OK).
Details about the Data
Part I. All lines of insurance – ELANY Report #1 will reflect Business Written Summarized by Peril Code. If you have received ELANY Report #1, please check the first box. If you have no business to report, check the second box. If you did not report business to ELANY, but business was written and will be reported on Part IV (a), check the third box.
Part II. Fire premiums – ELANY Report #2 will summarize business written by Fire Code. If you have received ELANY Report #2, please check the first box. If you have no business to report, check the second box.
Part IVhas three parts: (a) Premiums Not Reported to ELANY; (b) Adjustments to Report #1; (c) Reversal of Premium Amount Reported in Prior Years’ Part IV (a) & (b).
(a) Part IV (a) Premiums Not Reported to ELANY. This part must be completed if there are initial, return or additional premiums that were not reflected in the ELANY reports attached. This would include cancellations, adjustments made on deposit or minimum premiums as determined at the end of the policy period, premiums received as the result of endorsements to existing policies, installment premiums and/or any premium that varies with the premium originally reported on the affidavit. DO NOT ENTER RETURN PREMIUMS AS NEGATIVE AMOUNTS.
(b) Part IV (b) Adjustments to ELANY Report #1. The purpose of this section is to adjust for duplicate or incorrect items on the ELANY Report #1. Do not include adjustments for items reported in 2015 Premium Tax Statement Parts IV (a) and IV (b). Those items will be included in Part IV (c). Please see attachment #1 at the end of these instructions for an illustration for Part IV (b).
(c) Part IV (c) REVERSAL OF PREMIUM AMOUNT REPORTED IN PRIOR YEARS’ PART IV (a) & (b).This part has been changed. The Portal will not upload the data from Part IV (a) & (b) of your prior year’s premium tax statement. You can skip this part if there were no entries in your prior Premium Tax Statement Part IV (a) & (b). Otherwise,you need to enter the entries that were both reported in Part IV (a) & (b) of your 2015 premium tax statement andin ELANY’s 2016 Report #1. You may view and print your 2015 premium tax statement filing by return to “view/edit draft statement” menu and selecting 2015 to assist you in completing this Part. The following is the detail explanation for Part IV (c): In order to prevent OVER/UNDER payment of your premium tax, it is necessary to reverse the total premiums reported on your prior years’ premium tax statements Part IV (a) & (b). However, in order to qualify for this reversal, these premium items should be reported and are included in this year 2016’s ELANY Report #1. Therefore, if these premium items were not reported to ELANY, you can not reverse them. Please see attachment #2 at the end of these instructions for an illustration for Part IV (c).
Part V: You do not need to do the calculation yourself in this part. The online system will do it for you.
FINALIZING: After completing and checking all relevant parts of the online form, press the finalize button to enter your "sign-off" information. Once you finalize a statement, you can no longer alter it and the contents are made available to the NYS Department of Financial Services. Finalizing also makes available another button that is used to make a payment electronically and/or pay by check. The Payment Voucher has summary information about your Premium Tax Statement, instructions on preparing your payment, and instructions on mailing in your voucher. A copy of the Payment Voucher must be submitted with your payment by check. Do not write on the voucher, or alter it in any way.
Attachment #1: ILLUSTRATION FOR PART IV (b)
- To adjust for duplicate items, you must back out this item by reversing it in Part IV (b). Example, XYZ Excess line Brokerage received ELANY’s 2015 Report #1 showing $100,000 of written premium. Upon reviewing the ELANY report, affidavit # 1001 for Kay Consulting with $10,000 premium is listed twice. You must report this item with a negative $10,000 to back it out. See illustration below for the adjustment for Kay Consulting on line 1.
- To adjust for incorrect items, you must back it out and then include the correct data. Example, Report #1 shows affidavit #1002, Key Corp with the incorrect company code and incorrect additional premiums of $50,000. The correct company code was 19160 and the correct additional premium was $75,000. You must back out this incorrect item by reporting it with a negative additional premium of $50,000. See line 2 below. Now you must report the correct data. See line 3 below.
INITIAL, ADDITIONAL AND RETURN PREMIUMS
Year Affidavit Submitted / Effective Date / Name of Insured / Company Code / PG * / ELANY Peril Code / Affidavit # / Initial Premiums / Additional Premiums / Return Premiums2016 / 5/1/2015 / Kay Consulting / 19437 / 5200 / 1001 / -10,000
2016 / 6/1/2015 / Key Corp. / 19437 / 5001 / 1002 / -50,000
2016 / 6/1/2015 / Key Corp / 19160 / 5001 / 1002 / 75,000
Totals / -10,000 / 25,000
Grand Total: (Total Initial Premiums Plus Total Additional Premiums Less Total Return Premiums) $15,000
The total Part IV (b) adjustment is $15,000 and this amount should be entered on Line 3, Part V. Therefore, when you calculate your Adjusted Total Taxable Premium, you will add this adjustment of $15,000 to the total written premium of $100,000 of ELANY Report #1.
These adjustments must be reported to ELANY in 2016 for correction as soon as possible and will then be included in your 2016 Report #1 which you will include in Part IV (c) in the 2016 premium tax statement.
Attachment #2: ILLUSTRATION FOR PART IV (c)
Please see the following example for the illustration of Part IV (c):
- On your 2014 premium tax statement, you reported the following premium items on Part IV (a):
- Report #1 and detail report of SLRP 75 for 2015from ELANY indicated the following premium items:
- On your 2014 Premium Tax Statement, you already paid the premium tax for the premium items of $1,500 and $1,000 reported on Part IV (a) above. However, the total premium of $32,330 on ELANY’s 2015 Report #1 also included the premium items of $1,500 and $1,000; therefore, if you did not reverse those two amounts, you will overpay your tax. In this case, you should enter total of $2,500 on your 2015 premium tax statement Part IV (c) and this amount will be deducted from the total premium amount on the Report #1 on Part V of your 2015 premium tax statement.
- Please note that you can not reverse the return premium of $500 because ELANY Report #1 for year 2015 did not include this premium item. You must report this return premium to ELANY as soon as possible.
- Therefore, you should fill out Part IV (c) of your 2015 premium tax statement as follows:
BROKER LICENSE NUMBER __1213456____ YEAR 2015
IV(c) REVERSAL OF PREMIUM AMOUNT REPORTED IN PRIOR YEARS’ PART IV (A) & (B). Only include the premiums reported in 2014 and prior years’ Part IV (a) & (b) if these premium items were included in 2015 ELANY Report #1. (See the instruction page for example and detailed explanation)
INITIAL, ADDITIONAL AND RETURN PREMIUMS
Year Affidavit Submitted / Effective Date / Name of Insured / Company Code / PG * / ELANY Peril Code / Affidavit # / Initial Premiums / Additional Premiums / Return Premiums2015 / 11/30/14 / Lucky Corp / 19437 / 5202 / 2014-11 / 1,500
2015 / 12/01/14 / Happy Inc. / 19437 / 5001 / 2014-13 / 1,000
Totals / 1,500 / 1,000
TOTAL PREMIUM AMOUNT REVERSED IN 2015(Total Initial Premiums Plus Total Additional
Premiums Less Total Return Premiums) (Do not enter amounts from Part IV (a) & (b) from current year): $_2,500