HB3548 - Insurance Premium Tax Act

• Imposes a 1.3% tax on premiums and fees charged by authorized domestic, foreign, or alien insurers for property/casualty, title, marine/transportation insurance, annuities, and reciprocal agreement assessments, effective July 1, 2015.

• Excludes workers' compensation, accident and health insurance, and medical malpractice policies from the tax.

• Requires taxed insurers to register with the Department of Revenue and file monthly returns by the 20th of each month reporting tax liability.

• Creates the Flood Catastrophe Fund in the State Treasury to receive tax proceeds, with funds used by the Department of Insurance to reimburse insurers for catastrophic losses due to flooding.

• Authorizes the Department of Revenue to administer and enforce the Act, including suspension or revocation of registration certificates for violations, with appeals available within 20 days of Department decisions.