Bill Status of HB3078 100th General Assembly
Short Description: INSURANCE TAX
Rep. Elizabeth Hernandez
| 3/31/2017||House||Rule 19(a) / Re-referred to Rules Committee|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the Insurance Premium Tax Act. Imposes a tax on each authorized domestic, foreign, or alien insurer engaged in the business of entering into contracts of insurance or annuity in the State in an amount equal to 1.3% of the premiums and fees charged for those insurance policies. Provides that the proceeds from the tax shall be deposited into the Flood Catastrophe Fund and shall be used by the Department of Insurance for the purpose of providing reimbursement to insurers for a portion of their catastrophic losses due to flooding. Amends the State Finance Act to create the Flood Catastrophe Fund. Effective immediately.