| 1 | A bill to be entitled |
| 2 | An act relating to the surplus lines tax; amending ss. |
| 3 | 626.932 and 626.938, F.S.; deleting provisions providing |
| 4 | for deposit of a portion of certain taxes and interest |
| 5 | into the Insurance Regulatory Trust Fund; providing for |
| 6 | deposit of all of certain taxes and interest into the |
| 7 | General Revenue Fund; repealing s. 624.523(1)(h) and (i), |
| 8 | F.S., relating to deposit of certain taxes and interest |
| 9 | into the Insurance Regulatory Trust Fund, to conform; |
| 10 | providing an effective date. |
| 11 |
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| 12 | Be It Enacted by the Legislature of the State of Florida: |
| 13 |
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| 14 | Section 1. Subsection (5) of section 626.932, Florida |
| 15 | Statutes, is amended to read: |
| 16 | 626.932 Surplus lines tax.-- |
| 17 | (5) The department shall deposit 24.3 percent of all taxes |
| 18 | collected under this section to the credit of the Insurance |
| 19 | Regulatory Trust Fund. Seventy-five and seven-tenths percent of |
| 20 | all taxes collected under this section shall be deposited into |
| 21 | the General Revenue Fund. |
| 22 | Section 2. Subsection (7) of section 626.938, Florida |
| 23 | Statutes, is amended to read: |
| 24 | 626.938 Report and tax of independently procured |
| 25 | coverages.-- |
| 26 | (7) The department shall deposit 24.3 percent of all taxes |
| 27 | and interest collected under this section to the credit of the |
| 28 | Insurance Regulatory Trust Fund. Seventy-five and seven-tenths |
| 29 | percent of all taxes and interest collected under this section |
| 30 | shall be deposited into the General Revenue Fund. |
| 31 | Section 3. Paragraphs (h) and (i) of subsection (1) of |
| 32 | section 624.523, Florida Statutes, are repealed: |
| 33 | 624.523 Insurance Regulatory Trust Fund.-- |
| 34 | (1) There is created in the State Treasury a trust fund |
| 35 | designated "Insurance Regulatory Trust Fund" to which shall be |
| 36 | credited all payments received on account of the following |
| 37 | items: |
| 38 | (h) Sums received under s. 626.932, as provided in |
| 39 | subsection (5) thereof. |
| 40 | (i) Sums received under s. 626.938, as provided in |
| 41 | subsection (7) thereof. |
| 42 | Section 4. This act shall take effect July 1, 2004. |