Companies paying taxes and fees required under ss. 76.60, 76.63, 76.65, 76.66, 76.67, 601.31, 601.55, and 601.93, Wis. Stat., will be given the option to remit payments through OCI's Electronic Payments (E-Payments) process. Payments may also be made by submitting the hard copy payment form and check to Drawer 566, Milwaukee, Wisconsin. These instructions pertain to the following companies:
- Fraternal Societies
- Gift Annuity Insurers
- Health Maintenance Organizations
- Life, Accident, and Health Insurers
- Limited Health Service Organizations
- Property and Casualty Insurers
- Title Insurers
- Town Mutual Insurers
If you have questions, you can contact this office at (608) 266-0091 or ocifinancial@Wisconsin.gov.
Online Payment of Premium Taxes and Annual Fees
The payment process involves an ACH debit transaction directly from your company's checking or savings account. It is similar to the process used to pay the annual examination assessments (certain Wisconsin companies only) and an insurer's agent appointment fees. (It is different from the process used to pay the agent's license renewal fee.)
The payment is usually effective on the next business day (excluding weekends and federal holidays.)
There is no transaction fee associated with these online payments.
Your bank account fraud protection must be configured to allow OCI e-payments. If you have any type of ACH Fraud Control for Debits set up on your bank account, please contact your bank to ensure that they have the correct ACH Company ID so that your payment can be properly debited from your account.
- The ACH Company ID to use with this system is F396006451.
- The routing/transit number is 042000013.
- The Company Name is SOW-OCI-PREMIUM.
To make a payment for premium taxes and fees, you will need to know the following:
- The insurer's Federal Employer Identification Number (FEIN),
- The amount that you intend to pay, and
- The checking or savings account number, including the bank routing number associated with that account. (During the payment process, an illustration shows which numbers on a check are applicable.)
Please note the Help link in the upper right portion of the Electronic Payment screen—clicking this provides instructions that will not be available later when you reach the bank's transfer Web page (although that page has its own Help link).
After the payment has been completed, a confirmation will be sent promptly via e-mail.
Tax Payment Requirements
Year-End Final Premium Tax and Annual Fees Payment--Due March 1
Submit payment for the Net Amount Due as calculated on the Schedule of Taxes and Fees form. Annual fees should also be included with the final tax payment. Failure to submit the payment may result in a forfeiture.
Quarterly Premium Tax Payments
Pursuant to ss. 76.64 and 601.93 (2), Wis. Stat., insurers must make quarterly payments of their estimated premium taxes. If there is no amount due for a given quarter (such as due to a prior year overpayment), then no action is required.
If any insurer fails to make quarterly payments of at least one-fourth of the lesser of (a) the total premium tax for the previous calendar year OR (b) 80% of the actual tax for the current year, in the event of a deficiency the insurer shall be liable for interest in the amount of one and one-half percent of the amount due and unpaid for each month or part of a month that the amount is due.
Example: A company paid $10,000 in taxes incurred in the past calendar year and assumes that it will incur $15,000 in taxes in the current year in the State of Wisconsin. Under this assumption, the company must remit quarterly payments of no less than $2,500 each quarter to avoid additional interest. If the company will incur $8,000 in taxes (instead of $15,000), then each quarterly payment must be no less than $1,600 (one-fourth of 80% of $8,000) to avoid additional interest.