Bill Text: FL S1390 | 2014 | Regular Session | Comm Sub
Bill Title: Bail Bond Premiums
Spectrum: Bipartisan Bill
Status: (Failed) 2014-05-02 - Died in Appropriations, companion bill(s) passed, see HB 5601 (Ch. 2014-38) [S1390 Detail]
Download: Florida-2014-S1390-Comm_Sub.html
Florida Senate - 2014 CS for SB 1390 By the Committee on Banking and Insurance; and Senator Brandes 597-02849-14 20141390c1 1 A bill to be entitled 2 An act relating to bail bond premiums; amending s. 3 624.4094, F.S.; deleting a provision relating to the 4 reporting or payment of specified insurance premium 5 taxes; amending s. 624.509, F.S.; requiring an insurer 6 to pay to the Department of Revenue a specified amount 7 of the direct written premiums for bail bonds; 8 providing an effective date. 9 10 Be It Enacted by the Legislature of the State of Florida: 11 12 Section 1. Subsection (5) of section 624.4094, Florida 13 Statutes, is amended to read: 14 624.4094 Bail bond premiums.— 15(5) This section does not affect the reporting or payment16of insurance premium taxes under ss. 624.509, 624.5091, and17624.5092, and the insurance premium tax and related excise taxes18shall continue to be calculated using gross bail bond premiums.19 Section 2. Subsection (1) of section 624.509, Florida 20 Statutes, is amended to read: 21 624.509 Premium tax; rate and computation.— 22 (1) In addition to the license taxes provided for in this 23 chapter, each insurer shall also annually, and on or before 24 March 1 in each year, except as to wet marine and transportation 25 insurance taxed under s. 624.510, pay to the Department of 26 Revenue a tax on insurance premiums, premiums for title 27 insurance, or assessments, including membership fees and policy 28 fees and gross deposits received from subscribers to reciprocal 29 or interinsurance agreements, and on annuity premiums or 30 considerations, received during the preceding calendar year, the 31 amounts thereof to be determined as set forth in this section, 32 to wit: 33 (a) An amount equal to 1.75 percent of the gross amount of 34 such receipts on account of life and health insurance policies 35 covering persons resident in this state and on account of all 36 other types of policies and contracts,(except annuity policies 37 or contracts taxable under paragraph (b) and bail bond policies 38 or contracts taxable under paragraph (c),)covering property, 39 subjects, or risks located, resident, or to be performed in this 40 state, omitting premiums on reinsurance accepted, and less 41 return premiums or assessments, but without deductions: 42 1. For reinsurance ceded to other insurers; 43 2. For moneys paid upon surrender of policies or 44 certificates for cash surrender value; 45 3. For discounts or refunds for direct or prompt payment of 46 premiums or assessments; and 47 4. On account of dividends of any nature or amount paid and 48 credited or allowed to holders of insurance policies; 49 certificates; or surety, indemnity, reciprocal, or 50 interinsurance contracts or agreements;and51 (b) An amount equal to 1 percent of the gross receipts on 52 annuity policies or contracts paid by holders thereof in this 53 state; and.54 (c) An amount equal to 1.75 percent of the direct written 55 premiums for bail bonds, excluding any amounts retained by 56 licensed bail bond agents or licensed managing general agents. 57 Section 3. This act shall take effect upon becoming a law.