Current through Reg. 50, No. 187; September 24, 2024
(1)
(a)
1.
a. In
addition to any other license or excise tax, a regulatory assessment is
assessed and imposed upon every domestic, foreign, and alien insurer authorized
to issue policies of fire insurance in Florida.
b. The assessment is at the rate of 1 percent
of the gross amount of premiums collected by each such insurer on policies of
fire insurance issued by it and insuring property in Florida, unless the
regulatory assessment is amended by the Office of Insurance Regulation, as set
forth in Section 624.517,
F.S.
2.
a. Each insurer authorized to transact
insurance business in Florida is required to remit a .1 percent surcharge on
all gross direct fire, allied lines, and multiperil insurance premiums written
on commercial property located within Florida.
b. To calculate the surcharge to be remitted,
each insurer should use the premium amounts reported on the "Exhibit of
Premiums and Losses, " page 14, of the annual statement. The surcharge is
applicable to said policies issued or renewed on or after July 1, 1992. On or
before March 1, an annual return is required to be filed with the Department of
Revenue showing the gross amount of premiums collected for the preceding year
and the amount of assessment and surcharge imposed, and payment is required to
be made at the time the taxpayer files his annual return. No credits shall be
allowed against the tax imposed upon fire insurance
assessments.
(b) The gross amount of receipts subject to
tax under the provisions of paragraph (1)(a) do not include amounts sufficient
to recoup any assessments that have been paid by the insurer to defray deficits
of a joint underwriting association or assigned risk plan under Sections
627.311 and
627.351, F.S., net of any
earnings returned to the insurer by the association or plan. This recoupment
provision is only applicable to insurers whose rates are filed with the Office
of Insurance Regulation under Section
627.062,
627.0651 or
627.072,
F.S.
(2) "Fire insurance"
includes insurance of structures or other property at fixed locations against
loss or damage to such structures or other described properties from the risks
of fire and lightning. "Multiperil insurance" means a combination or package
policy which includes both property and casualty coverage for a single
premium.
(3) For purposes of the
regulatory assessment, every insurer issuing policies of insurance covering the
peril of fire on properties located in this State shall determine the gross
amount of premium applicable to the peril of fire by multiplying the premium
amounts reported on the "Exhibit of Premiums and Losses, " Annual Statement, as
follows:
(a) Fire, Line 1 - ninety-three
percent (93%).
(b) Allied Lines,
Line 2.1 - five percent (5%).
(c)
Multiple Peril Crop, Line 2.2 - zero percent (0%).
(d) Farmowners multiple peril, Line 3 -
fifteen percent (15%).
(e)
Homeowners multiple peril, Line 4 - twenty-five percent (25%).
(f) Commercial multiple peril, Lines 5.1 and
5.2 - fifteen percent (15%).
(g)
Ocean Marine, Line 8 - ten percent (10%).
(h) Inland Marine, Line 9 - twelve percent
(12%).
(i) Earthquake, Line 12 - 5
percent (5%).
(j) All other fire
premiums - as supported by insurer's verifiable documentation.
(k) Despite other provisions of this
subsection, where the books and records of the insurer can clearly show without
exception a lesser percentage, the insurer may apply the lesser
percentage.
(4) For
purposes of the surcharge, the surcharge factor of .001 should be applied to
the amounts reported on the "Exhibit of Premiums and Losses", page 14 of the
annual statement, column 2, Direct Premiums Written, for the following line
items:
(a) Fire, Line 1.
(b) Allied lines, Line 2.1.
(c) Multiple peril crop, Line 2.2.
(d) Farmowners multiple peril, Line
3.
(e) Commercial multiple peril,
Line 5.
Rulemaking Authority
213.06(1) FS.
Law Implemented 213.05,
624.509,
624.510,
624.511,
624.515,
624.516
FS.
New 2-3-80, Formerly 12B-8.06, Amended 4-10-91, 2-18-93,
12-9-97, 7-31-03, 12-25-08, 1-25-12.
