6540339, 12B-8.016 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 6540339

Notice of Proposed Rule

Department:

DEPARTMENT OF REVENUE

Division:

Miscellaneous Tax

Chapter:

INSURANCE PREMIUM TAXES, FEES AND SURCHARGES

Overview

RULE:

12B-8.016

Retaliatory Provisions

PURPOSE:

Under Florida’s insurance laws, property and casualty insurance companies pay Florida Insurance Guaranty Association assessments. A portion of these assessments is used to determine an insurer’s retaliatory tax obligation. Previously, the Florida Insurance Guaranty Association categorized its assessment into four separate “groups,” and the Department’s rule referenced these “groups” to help taxpayers calculate their tax liability. The Association no longer uses these “groups.” The purpose of the proposed amendments to Rule 12B-8.016, F.A.C. (Retaliatory Provisions), is to update the computation of the portion of the Florida Insurance Guaranty Association Assessment that should be included on the Florida side of the retaliatory tax computation.

SUMMARY:

The proposed amendments to Rule 12B-8.016, F.A.C. (Retaliatory Provisions), update provisions regarding the Florida Insurance Guaranty Association Assessment that is to be included in the retaliatory tax computation.

RULEMAKING AUTHORITY:

213.06(1) FS.

LAW:

213.05, 624.509, 624.5091, 624.5092 FS.

PRINT PUBLISH DATE:

12/19/2008 Vol. 34/51

COMMENTS:

From 12/19/2008 To 1/9/2009 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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