Florida Senate - 2014                             CS for SB 1390
       By the Committee on Banking and Insurance; and Senator Brandes
       597-02849-14                                          20141390c1
    1                        A bill to be entitled                      
    2         An act relating to bail bond premiums; amending s.
    3         624.4094, F.S.; deleting a provision relating to the
    4         reporting or payment of specified insurance premium
    5         taxes; amending s. 624.509, F.S.; requiring an insurer
    6         to pay to the Department of Revenue a specified amount
    7         of the direct written premiums for bail bonds;
    8         providing an effective date.
   10  Be It Enacted by the Legislature of the State of Florida:
   12         Section 1. Subsection (5) of section 624.4094, Florida
   13  Statutes, is amended to read:
   14         624.4094 Bail bond premiums.—
   15         (5) This section does not affect the reporting or payment
   16  of insurance premium taxes under ss. 624.509, 624.5091, and
   17  624.5092, and the insurance premium tax and related excise taxes
   18  shall continue to be calculated using gross bail bond premiums.
   19         Section 2. Subsection (1) of section 624.509, Florida
   20  Statutes, is amended to read:
   21         624.509 Premium tax; rate and computation.—
   22         (1) In addition to the license taxes provided for in this
   23  chapter, each insurer shall also annually, and on or before
   24  March 1 in each year, except as to wet marine and transportation
   25  insurance taxed under s. 624.510, pay to the Department of
   26  Revenue a tax on insurance premiums, premiums for title
   27  insurance, or assessments, including membership fees and policy
   28  fees and gross deposits received from subscribers to reciprocal
   29  or interinsurance agreements, and on annuity premiums or
   30  considerations, received during the preceding calendar year, the
   31  amounts thereof to be determined as set forth in this section,
   32  to wit:
   33         (a) An amount equal to 1.75 percent of the gross amount of
   34  such receipts on account of life and health insurance policies
   35  covering persons resident in this state and on account of all
   36  other types of policies and contracts, (except annuity policies
   37  or contracts taxable under paragraph (b) and bail bond policies
   38  or contracts taxable under paragraph (c),) covering property,
   39  subjects, or risks located, resident, or to be performed in this
   40  state, omitting premiums on reinsurance accepted, and less
   41  return premiums or assessments, but without deductions:
   42         1. For reinsurance ceded to other insurers;
   43         2. For moneys paid upon surrender of policies or
   44  certificates for cash surrender value;
   45         3. For discounts or refunds for direct or prompt payment of
   46  premiums or assessments; and
   47         4. On account of dividends of any nature or amount paid and
   48  credited or allowed to holders of insurance policies;
   49  certificates; or surety, indemnity, reciprocal, or
   50  interinsurance contracts or agreements; and
   51         (b) An amount equal to 1 percent of the gross receipts on
   52  annuity policies or contracts paid by holders thereof in this
   53  state; and.
   54         (c) An amount equal to 1.75 percent of the direct written
   55  premiums for bail bonds, excluding any amounts retained by
   56  licensed bail bond agents or licensed managing general agents.
   57         Section 3. This act shall take effect upon becoming a law.