House Bill hb0385

    Florida House of Representatives - 2002                 HB 385

        By Representative Lee






  1                      A bill to be entitled

  2         An act relating to property and casualty

  3         insurers; amending s. 624.4072, F.S.;

  4         increasing a period of exemption from certain

  5         taxes and assessments for certain minority

  6         businesses; extending a future repeal;

  7         providing an effective date.

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

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11         Section 1.  Subsections (1) and (4) of section

12  624.4072, Florida Statutes, are 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

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    Florida House of Representatives - 2002                 HB 385

    734-101A-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         (4)  This section is repealed effective December 31,

  9  2010 July 1, 2003, and the tax and assessment exemptions

10  authorized by this section shall terminate on such date.

11         Section 2.  This act shall take effect upon becoming a

12  law.

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15                          HOUSE SUMMARY

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      Increases from 5 to 10 years the maximum period of
17    exemption from certain taxes and assessments for a
      category of minority-owned property and casualty insurers
18    and extends a future repeal of the exemption from July 1,
      2003, to December 31, 2010. See bill for details.
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CODING: Words stricken are deletions; words underlined are additions.