Florida Senate - 2014                              CS for SB 310
       By the Committee on Banking and Insurance; and Senator Simpson
       597-02470-14                                           2014310c1
    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.—
   15         (8) 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.