All insurers whose tax liability for the preceding calendar year was $1,000 or more must file an Installment Reporting Statement. The installment shall be an amount equal to at least 50% (50 percent) of the total tax liability for the preceding calendar year. The tax payment is due in one installment on or before June 1 of the calendar year in which the taxed income is received. A penalty of 8% (eight percent) per month will be assessed until full payment is received.