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FL S1190
Bill
AI Summary
- Exempts contributions to surplus collected by mutual property and casualty insurance companies domiciled in Florida from paying premium taxes, provided the contributions meet three conditions
- Requires surplus contributions to be authorized by the insurer's bylaws as approved by the Office of Insurance Regulation
- Requires surplus contributions to be identified on each policy's declarations page and described in the insurer's underwriting manual, with approval from the Office of Insurance Regulation that they are not part of the filed rate
- Mandates that insurers separately state the taxable premium amount and non-taxable surplus contribution amount in annual and quarterly financial statements filed with the Office of Insurance Regulation
- Takes effect July 1, 2012
Legislative Description
Insurance Premium Taxes
Last Action
Died in Banking and Insurance
3/9/2012
Committee Referrals
Banking and Insurance1/10/2012
Full Bill Text
No bill text available