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ID S1265
Bill
Status
4/5/2016
Primary Sponsor
Commerce and Human Resources Committee
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AI Summary
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Amends Section 41-406, Idaho Code, to allocate one-quarter of insurance premium tax revenues exceeding $45,000,000 to the Idaho Individual High Risk Reinsurance Pool established in Chapter 55, Title 41, Idaho Code.
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Applies this allocation only after all other authorized deductions have been made from premium tax collections, including allocations to the insurance refund account, public employee retirement fund, insurance insolvency administrative fund, and general fund.
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Directs the Insurance Director to transmit the allocated funds to the reinsurance pool as part of the existing deposit and distribution process for insurance taxes, fines, and penalties.
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Becomes effective July 1, 2017.
Legislative Description
Amends existing law to appropriate one-quarter of the insurance premium tax exceeding $45 million to the Individual High Risk Reinsurance Pool.
INSURANCE PREMIUM TAX
Last Action
Signed by Governor on 04/05/16 Session Law Chapter 361 Effective: 07/01/2017
4/5/2016