Florida Senate - 2014 CS for SB 310
By the Committee on Banking and Insurance; and Senator Simpson
1 A bill to be entitled
2 An act relating to tax on insurance premiums; amending
3 s. 624.509, F.S.; revising provisions relating to
4 premium taxes paid by insurers; providing that the tax
5 does not apply to any portion of the premium retained
6 by a title insurance agent or agency; amending s.
7 627.7711, F.S.; conforming provisions to changes made
8 by the act; providing an effective date.
10 Be It Enacted by the Legislature of the State of Florida:
12 Section 1. Subsection (8) of section 624.509, Florida
13 Statutes, is amended to read:
14 624.509 Premium tax; rate and computation.—
From and after July 1, 1980, The premium tax authorized
16 by this section may shall not be imposed on: upon
17 (a) Any portion of the title insurance premium retained by
18 a title insurance agent or agency; or
19 (b) Receipts of annuity premiums or considerations paid by
20 holders in this state if the tax savings derived are credited to
21 the annuity holders. Upon request by the Department of Revenue,
22 an any insurer availing itself of this provision shall submit to
23 the department evidence that which establishes that the tax
24 savings derived have been credited to annuity holders. As used
25 in this paragraph subsection, the term “holders” includes shall
26 be deemed to include employers contributing to an employee’s
27 pension, annuity, or profit-sharing plan.
28 Section 2. Subsection (2) of section 627.7711, Florida
29 Statutes, is amended to read
30 627.7711 Definitions.—As used in this part, the term:
31 (2) “Premium” means the charge, as specified by rule of the
32 commission, which that is made by a title insurer for a title
33 insurance policy, including the charge for performance of
34 primary title services by a title insurer or title insurance
35 agent or agency, and incurring the risks incident to such
36 policy, under the several classifications of title insurance
37 contracts and forms , and upon which charge a premium tax is paid
38 under s. 624.509. As used in this part or in any other law, with
39 respect to title insurance, the word “premium” does not include
40 a commission.
41 Section 3. This act shall take effect July 1, 2014.