Senate Bill sb2484

    Florida Senate - 2003                                  SB 2484

    By Senator Alexander





    17-1320-03                                          See HB 793

  1                      A bill to be entitled

  2         An act relating to retaliatory insurance

  3         financial exactions; amending s. 624.5091,

  4         F.S.; specifying complete nonapplication of

  5         certain credit provisions for certain purposes;

  6         providing an effective date.

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

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10         Section 1.  Subsection (1) of section 624.5091, Florida

11  Statutes, is amended to read:

12         624.5091  Retaliatory provision, insurers.--

13         (1)  When by or pursuant to the laws of any other state

14  or foreign country any taxes, licenses, and other fees, in the

15  aggregate, and any fines, penalties, deposit requirements, or

16  other material obligations, prohibitions, or restrictions are

17  or would be imposed upon Florida insurers or upon the agents

18  or representatives of such insurers, which are in excess of

19  such taxes, licenses, and other fees, in the aggregate, or

20  which are in excess of the fines, penalties, deposit

21  requirements, or other obligations, prohibitions, or

22  restrictions directly imposed upon similar insurers, or upon

23  the agents or representatives of such insurers, of such other

24  state or country under the statutes of this state, so long as

25  such laws of such other state or country continue in force or

26  are so applied, the same taxes, licenses, and other fees, in

27  the aggregate, or fines, penalties, deposit requirements, or

28  other material obligations, prohibitions, or restrictions of

29  whatever kind shall be imposed by the Department of Revenue

30  upon the insurers, or upon the agents or representatives of

31  such insurers, of such other state or country doing business

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    Florida Senate - 2003                                  SB 2484
    17-1320-03                                          See HB 793




 1  or seeking to do business in this state. In determining the

 2  taxes to be imposed under this section, none 80 percent of the

 3  credit provided by s. 624.509(5), as limited by s. 624.509(6)

 4  and further determined by s. 624.509(7), shall not be taken

 5  into consideration.

 6         Section 2.  This act shall take effect January 1, 2004.

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