HB 2342 Summary

• Freezes the insurance premium tax rate for "other insurance" at 1.80 percent for calendar year 2019 and all subsequent calendar years, eliminating previously scheduled reductions to 1.75 percent (2020) and 1.70 percent (2021).

• Maintains existing tax rates for fire insurance (0.66 percent to 2.2 percent depending on location), disability insurance (2.0 percent), and health care service plans (rates set by other statutes).

• Requires insurers paying $50,000 or more in annual premium taxes to file monthly reports and make monthly payments of 15 percent of their prior year tax liability from March through August.

• Allows insurers to claim premium tax credits under specified sections and requires the Director of Insurance to report annually on tax credits used.

• Makes minor technical corrections to statutory language regarding premium tax calculations and submissions.