Senate Bill sb2486
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2007 SB 2486
By Senator Haridopolos
26-1527-07 See HB 617
1 A bill to be entitled
2 An act relating to insurance premium taxes;
3 amending s. 624.509, F.S.; subjecting to
4 taxation gross receipts of certain title
5 insurance; providing a limitation; amending s.
6 627.7711, F.S.; revising the definition of
7 "premium"; 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. Subsection (1) of section 624.509, Florida
12 Statutes, is amended to read:
13 624.509 Premium tax; rate and computation.--
14 (1) In addition to the license taxes provided for in
15 this chapter, each insurer shall also annually, and on or
16 before March 1 in each year, except as to wet marine and
17 transportation insurance taxed under s. 624.510, pay to the
18 Department of Revenue a tax on insurance premiums, premiums
19 for title insurance, or assessments, including membership fees
20 and policy fees and gross deposits received from subscribers
21 to reciprocal or interinsurance agreements, and on annuity
22 premiums or considerations, received during the preceding
23 calendar year, the amounts thereof to be determined as set
24 forth in this section, to wit:
25 (a) An amount equal to 1.75 percent of the gross
26 amount of such receipts on account of life and health
27 insurance policies covering persons resident in this state and
28 on account of all other types of policies and contracts
29 (except annuity policies or contracts taxable under paragraph
30 (b) and title insurance policies taxable under paragraph (c))
31 covering property, subjects, or risks located, resident, or to
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2007 SB 2486
26-1527-07 See HB 617
1 be performed in this state, omitting premiums on reinsurance
2 accepted, and less return premiums or assessments, but without
3 deductions:
4 1. For reinsurance ceded to other insurers;
5 2. For moneys paid upon surrender of policies or
6 certificates for cash surrender value;
7 3. For discounts or refunds for direct or prompt
8 payment of premiums or assessments; and
9 4. On account of dividends of any nature or amount
10 paid and credited or allowed to holders of insurance policies;
11 certificates; or surety, indemnity, reciprocal, or
12 interinsurance contracts or agreements.; and
13 (b) An amount equal to 1 percent of the gross receipts
14 on annuity policies or contracts paid by holders thereof in
15 this state.
16 (c) An amount equal to 1.75 percent of the gross
17 receipts on title insurance written through affiliated and
18 nonaffiliated agencies, less the portion of the gross receipts
19 retained by title insurance agents of the affiliated and
20 nonaffiliated agencies.
21 Section 2. Subsection (2) of section 627.7711, Florida
22 Statutes, is amended to read:
23 627.7711 Definitions.--As used in this part, the term:
24 (2) "Premium" means the charge, as specified by rule
25 of the commission, that is made by a title insurer for a title
26 insurance policy, including the charge for performance of
27 primary title services by a title insurer or title insurance
28 agent or agency, and incurring the risks incident to such
29 policy, under the several classifications of title insurance
30 contracts and forms, and upon which charge a premium tax is
31 paid under s. 624.509. As used in this part or in any other
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2007 SB 2486
26-1527-07 See HB 617
1 law, with respect to title insurance, the word "premium" does
2 not include a commission.
3 Section 3. This act shall take effect July 1, 2007.
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