A 1.25% Premium Tax Is Just the Beginning…
New Hampshire has the lowest premium rate in New England and the Mid-Atlantic states. Legislation enacted over the past three years has reduced the rate from 2% to 1.25%, providing an additional economic incentive for insurers to be domiciled in the Granite State.
And as Bruce Ferguson, SVP for State Relations with the American Council of Life Insurers (ACLI) notes, it’s one piece of a bigger puzzle – and New Hampshire leads the way in three of the most important considerations for redomestication.
Industry leaders recognize the benefits of relocating to New Hampshire. The leaders of insurance companies domiciled in NH have realized them, too:
“The lowering of the insurance premium tax can make a big difference. In New Hampshire, the overall tax structure is generally beneficial to companies, but the premium tax rate in particular offers a significant savings.”
-Dan Swift, General Counsel, Acadia Insurance Company
(redomesticated from Maine to New Hampshire in 2007)