HB 1439 Summary

• Amends section 624.509, Florida Statutes to exempt certain amounts collected by mutual property and casualty insurance companies as contributions to surplus from insurance premium tax.

• Contributions to surplus are exempt from premium tax if authorized by the insurer's bylaws approved by the office and identified as a contribution to surplus on each policy's declarations page.

• The contribution to surplus must be described in the insurer's underwriting manual approved by the office as not part of the insurer's rate filing.

• The insurer must separately state the amount of premium subject to tax and the amount of contribution to surplus exempt from tax in annual and quarterly financial statements filed with the office.

• Effective date: July 1, 2012.