Recent legislation will reduce New Hampshire’s insurance premium tax from 2% to 1% on property/casualty and life insurance lines of business over the next four years, with the phasing in of the reduction having begun on July 1, 2007 and ending June 20, 2011.

New Hampshire will now have the lowest premium rate in New England and the Mid-Atlantic states.

The new rate provides economic incentives for insurers to be domiciled in states like New Hampshire with a low premium tax rate.

“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, Assistant General Counsel, Acadia Insurance Company

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