Senate Bill sb0320c1

    Florida Senate - 2002                            CS for SB 320

    By the Committee on Banking and Insurance; and Senator
    Holzendorf




    311-1782-02

  1                      A bill to be entitled

  2         An act relating to insurance; amending s.

  3         624.4072, F.S.; extending the term of the

  4         exemption from taxes and assessments on

  5         minority-owned property and casualty insurers;

  6         postponing the scheduled repeal of the law;

  7         providing an effective date.

  8

  9  Be It Enacted by the Legislature of the State of Florida:

10

11         Section 1.  Section 624.4072, Florida Statutes, is

12  amended to read:

13         624.4072  Minority-owned property and casualty

14  insurers; limited exemption for taxation and assessments.--

15         (1)  A minority business that is at least 51 percent

16  owned by minority persons, as defined in s. 288.703(3),

17  initially issued a certificate of authority in this state as

18  an authorized insurer after May 1, 1998, to write property and

19  casualty insurance shall be exempt, for a period not to exceed

20  10 5 years from the date of receiving its certificate of

21  authority, from the following taxes and assessments:

22         (a)  Taxes imposed under ss. 175.101, 185.08, and

23  624.509;

24         (b)  Assessments by the Florida Residential Property

25  and Casualty Joint Underwriting Association or by the Florida

26  Windstorm Underwriting Association, as provided under s.

27  627.351, except for emergency assessments collected from

28  policyholders pursuant to s. 627.351(2)(b)2.d.(III) and

29  (6)(b)3.d. Any such insurer shall be a member insurer of the

30  Florida Windstorm Underwriting Association and the Florida

31  Residential Property and Casualty Joint Underwriting

                                  1

CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2002                            CS for SB 320
    311-1782-02




  1  Association. The premiums of such insurer shall be included in

  2  determining, for the Florida Windstorm Underwriting

  3  Association, the aggregate statewide direct written premium

  4  for property insurance and in determining, for the Florida

  5  Residential Property and Casualty Joint Underwriting

  6  Association, the aggregate statewide direct written premium

  7  for the subject lines of business for all member insurers.

  8         (2)  Subsection (1) applies only to personal lines and

  9  commercial lines residential property insurance policies as

10  defined in s. 627.4025, and applies only to an insurer that

11  has employees in this state and has a home office or a

12  regional office in this state.  With respect to any tax year

13  or assessment year, the exemptions provided by subsection (1)

14  apply only if during the year an average of at least 10

15  percent of the insurer's Florida residential property policies

16  in force covered properties located in enterprise zones

17  designated pursuant to s. 290.0065.

18         (3)  The provision of the definition of "minority

19  person" in s. 288.703(3) that requires residency in Florida

20  shall not apply to the term "minority person" as used in this

21  section or s. 627.3511.

22         (4)  This section is repealed effective December 31,

23  2010 July 1, 2003, and the tax and assessment exemptions

24  authorized by this section shall terminate on such date.

25         Section 2.  This act shall take effect July 1, 2002.

26

27          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
28                         Senate Bill 320

29

30  Changes the date for the repeal of s. 624.4072, F.S., and the
    termination of the tax and assessment exemptions from July 1,
31  2010, to December 31, 2010.

                                  2

CODING: Words stricken are deletions; words underlined are additions.