DE HB210

Establishes a 2% premium tax rate on the first $100,000 of net premiums for individual or trust-owned life insurance policies covering a single individual that participate in private placement under federal securities laws.

Sets the premium tax rate at 0.0% for net premiums exceeding $100,000 for these privately placed individual or trust-owned life insurance policies.

Designates the premium tax imposed on private placement life insurance policies as the only tax imposed under this chapter on such policies.

Modifies the definition of "case" for employer-owned and trust-owned life insurance policies to exclude those taxed under the new private placement provision, preventing double taxation.

Applies the tax to net premiums received on insurance contracts issued for delivery in Delaware, with exemptions for persons resident or located outside the state who pay premium tax to their state of residency or location.