Insurance Journal » premium taxes

Arizona House Approves Tax Credits For Three Insurers

Wed, 06 Mar 2013 15:44:19 +0000

The Arizona House gave final approval to a bill granting new tax breaks of $50 million over three years for insurance companies that invest in high technology companies. The bill being pushed by Republican House Speaker Andy Tobin is designed …

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Study: Uninsured Driver Problem Costs Oklahoma $8.8M a Year

Wed, 09 Jan 2013 17:22:19 +0000

A new evaluation by the Oklahoma Insurance Department (OID) found that the state of Oklahoma is losing $8.8 million a year in premium taxes from drivers who fail to obtain the state-required minimum coverage for auto insurance. Using data provided …

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RiskMeter Enhances Kentucky Premium Tax Report

Wed, 22 Aug 2012 16:43:51 +0000

RiskMeter Online, a provider of real-time natural hazard risk reports, has added premium tax assessment data and effective dates to its Kentucky Premium Tax report. This additional information assists insurers in determining if the correct premium tax amounts have been …

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New Oklahoma Law Caps Premium Tax on Captive Insurance Companies

Wed, 30 May 2012 16:50:30 +0000

A proposed new law that places a cap on premium taxes paid by captive insurers is expected to increase the number of companies conducting business in Oklahoma, state regulators say. Senate Bill 1617, requested by Oklahoma Insurance Commissioner John Doak, …

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11 States Adopt Plan to Distribute Surplus Lines Premium Taxes

Fri, 25 May 2012 15:06:43 +0000

States participating in the Non-admitted Insurance Multi-state Agreement, or NIMA, have adopted a premium allocation method for distributing surplus lines premium taxes on casualty insurance. The adopted method aims to streamlines the allocation and distribution process of surplus lines premium …

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Insurance Premiums Climb to a Record $30B in Missouri in 2011

Stephanie K. Jones — Mon, 16 Apr 2012 05:42:25 +0000

Missouri experienced a number of insurance industry “firsts” in 2011, including a record number of premium sales dollars, the largest-ever amount in claims paid for a single event in the state, and an historically high amount in additional claims funds …

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Oklahoma Commissioner Backs Bill to Use Premium Tax Funds for Firefighters

Wed, 08 Feb 2012 16:33:44 +0000

Oklahoma Insurance Commissioner John D. Doak announced his support for using insurance premium taxes to bolster the pension funds of the state’s firefighters. Doak said he supports House Bill 2320 introduced by Rep. Randy McDaniel (R-Oklahoma City), which would restore …

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Oklahoma Insurance Department Trims Budget by $675K in 2011

Thu, 26 Jan 2012 06:24:05 +0000

Oklahoma’s top insurance regulator says the department spent nearly $675,000 less in 2011 than it did in 2010. For the 12 months ending Dec. 31, 2011, the insurance department spent $11,160,855.28 compared to $11,833,228.01 in 2010, a total savings of …

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How California Bill Implements Federal NRRA Surplus Lines Reform

Tue, 08 Mar 2011 17:57:17 +0000

The Nonadmitted and Reinsurance Reform Act (NRRA), Subtitle B, Part I, Dodd-Frank Wall Street Reform and Consumer Protection Act, reaches out and touches California on July 21, 2011. In anticipation of its effective date, the California Department of Insurance (CDI) …

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Florida Charities, Businesses Call for End to Hurricane Premium Taxes

Andrew G. Simpson — Thu, 20 Jan 2011 16:10:31 +0000

A coalition of Florida charitable and business groups is pressing the state to eliminate assessments charged all policyholders to subsidize the state-backed insurance provider and hurricane claims fund. In a letter to Gov. Rick Scott, the groups called on him …

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Liberty Mutual Continues Fight with AIG As Other Insurers Settle

Andrew G. Simpson — Sun, 09 Jan 2011 00:00:00 +0000

American International Group has negotiated a $450 million settlement with seven of its competitors in the protracted litigation over its questionable reporting of workers’ compensation premiums. But the long-running saga over under-reported premiums may not be over for AIG because …

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