The Division of Banking and Insurance is taking measures to improve the process for insurance companies and other regulated entities to submit their premium tax filing and payments, according to a press release issued Tuesday by the Office of the Lieutenant Governor. Beginning Nov. 1, all companies required to pay taxes on their gross receipt premiums will have the option to file electronically using OPTins, instead of submitting by mail.
OPTins, the Online Premium Tax for Insurance, was developed by the National Association of Insurance Commissioners (NAIC) to facilitate the electronic submission of required filings and payments that are due quarterly and annually. Lt. Gov. Gregory R. Francis, who is the territory’s commissioner of insurance and a member of the National Association of Insurance Commissioners, signed the OPTins agreement for the Virgin Islands at the recent summer meeting of the NAIC.
According to Francis, the move to the OPTinssystem is another step taken towards improving the online capacity of the Office of the Lieutenant Governor. “Our customers, whether local or international, expect the availability and convenience of online filing,” he said. “This system not only improves our customer service, but enables us to be more efficient at collecting revenues owed to the territory.”
Instructions on using OPTins are available at www.optins.org. For more information on this electronic filing service, contact the Division of Banking and Insurance at 774-7166.
