HB3078 - Insurance Premium Tax Act

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

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

• Requires insurers to register with the Department of Revenue, file monthly returns by the 20th of each month, and remit tax payments with their returns.

• Establishes the Flood Catastrophe Fund as a special fund in the State Treasury to receive tax proceeds, to be administered by the Department of Insurance for reimbursing insurers for catastrophic losses due to flooding.

• Allows insurers to separately state the tax amount as an additional charge to consumers and permits the Department of Revenue to suspend or revoke registration certificates for violations.