Section 38-7-60 - Returns of premiums required; quarterly payment of taxes(1) Not later than March first of each year, every insurer licensed by the director or his designee shall file with him a return of premiums written by the insurer in the State during the immediately preceding calendar year ending on December thirty-first. The return must be made on forms prescribed by the director or his designee and must be made under oath by the insurer's employee or representative responsible for the preparation of fee and tax returns, as well as an officer of the insurer.(2) The license fees imposed in Section 38-7-20 must be fully reported on the return filed in accordance with subsection (1).(3) The premium and other taxes imposed on insurers pursuant to Sections 38-7-20, 38-7-30, 38-7-40, 38-7-50, and 38-7-90 must be paid to the director or his designee in quarterly installments on or before March first, June first, September first, and December first of each calendar year. The quarterly payments must be calculated and paid as follows: (a) The quarterly installments paid on or before June first, September first, and December first must each be computed based upon one-fourth of the total premiums written by the insurer during the immediately preceding calendar year ending on December thirty-first. The quarterly installments for June first, September first, and December first must be reported on forms prescribed by the director or his designee.(b) The quarterly installment paid on or before March first must equal the difference between the total tax liability of the insurer for the immediately preceding calendar year ending on December thirty-first and the sum of the quarterly installments paid by the insurer on June first, September first, and December first of that immediately preceding calendar year. The quarterly installment for March first must be reported on the returns filed in accordance with item (1) of this section. An insurer whose quarterly tax installments are less than one thousand dollars per payment may elect not to pay its tax liability on a quarterly basis and, instead, may elect to report and pay its entire tax liability on the return filed in accordance with item (1).(4) The director or his designee may suspend or revoke the license of any insurer which fails to make returns and pay fees and taxes as required in this section. The Attorney General shall bring suit in the name of the State to collect any unpaid portion of the fees or taxes required by law.Amended by 2019 S.C. Acts, Act No. 6 (SB 360),s 4, eff. 7/1/2019.1993 Act No. 181, Section 53. 312, Section 4; Former 1976 Code Section 38-5-530 [1986 Act No. 540, Part II, Section 31C] recodified as Section 38-7-60 by 1987 Act No. 155, Section 1; 1964 (53) 2139] recodified as Section 38-63-560 by 1987 Act No. 155, Section 1; 1962 Code Section 37-175.1; Former 1976 Code Section 38-7-60 [1960 (51) 1554.