HB 2507 Summary

• Freezes the "other insurance" premium tax rate at 1.75 percent for calendar year 2020 and all subsequent years, removing the scheduled decrease to 1.70 percent that was previously planned for 2021.

• Maintains existing premium tax rates for fire insurance (0.66-2.2 percent), disability insurance (2.0 percent), and health care service plans.

• Requires insurers to reflect cost savings from lower fire insurance tax rates in premiums charged on property in cities and towns with private fire company services.

• Establishes that insurers are not liable to the state for good faith premium tax calculations based on fire marshal certifications regarding private fire company services.

• Requires the insurance director to report annually to the legislative budget committee and governor's office on insurance premium tax credits used during the previous fiscal year.