Bill Text: NH HB292 | 2019 | Regular Session | Enrolled


Bill Title: Relative to including brokers fees in the calculation of the insurance premium tax.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Vetoed) 2019-09-18 - Veto Sustained 09/18/2019: Regular Calendar 225-159 Lacking Necessary Two-Thirds Vote House Journal 21 P. 17 [HB292 Detail]

Download: New_Hampshire-2019-HB292-Enrolled.html

HB 292-FN - VERSION ADOPTED BY BOTH BODIES

 

27Feb2019... 0074h

2019 SESSION

19-0797

01/10

 

HOUSE BILL 292-FN

 

AN ACT relative to including brokers fees in the calculation of the insurance premium tax.

 

SPONSORS: Rep. Butler, Carr. 7

 

COMMITTEE: Commerce and Consumer Affairs

 

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ANALYSIS

 

This bill includes brokers fees in the calculation of the insurance premium tax.

 

This bill is a request of the insurance department.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

27Feb2019... 0074h 19-0797

01/10

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Nineteen

 

AN ACT relative to including brokers fees in the calculation of the insurance premium tax.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  Foreign Insurance Companies; Licenses for Agents of Unlicensed Companies; Monthly Statements.  Amend RSA 405:25 to read as follows:

405:25  Monthly Statements.  Every such licensee shall, on or before the tenth day of each month, execute and file with the commissioner, a statement under oath covering all insurance policies and contracts of insurance or suretyship procured by [him] the licensee under his or her said license during the calendar month next preceding, giving the name of the company issuing each of said policies, the name and residence of the insured and the amount, term and premium including policy, membership, and other fees and assessments, policy dividends applied in payment for insurance and all other considerations for insurance received by it during the next preceding calendar year on account of policies covering property, subjects, or risks located, resident, or to be performed in this state, excluding policies on multi-state risks in which New Hampshire is not the home state as provided in 15 U.S.C. section 8201, et seq., of each policy and contract and the kind of property or risk insured thereby, and that he or she was unable to procure in companies admitted to do business in the state the amount of insurance necessary to protect said property or risk.

2  Foreign Insurance Companies; Licenses for Agents of Unlicensed Companies, Annual Statement, Tax.  Amend RSA 405:29, I to read as follows:

I.  Each licensed producer shall file with the commissioner, not later than January 31st of each year, a sworn statement of the gross premiums, including policy, membership, and other fees and assessments, policy dividends applied in payment for insurance and all other considerations for insurance received by it during the next preceding calendar year on account of policies covering property, subjects, or risks located, resident, or to be performed in this state, excluding policies on multi-state risks in which New Hampshire is not the home state as provided in 15 U.S.C. section 8201, et seq., charged for insurance procured or placed and the gross return premiums on such insurance canceled under such license during the year ending on December 31 next preceding, and at the time of filing such statement shall pay to the state treasurer a sum equal to 3 percent of such gross premiums less such return premiums reported.

3  Applicability.  This act shall apply to insurance procured or renewed on or after the effective date of this act.

4  Effective Date.  This act shall take effect January 1, 2020.

 

LBAO

19-0797

Amended 3/5/19

 

HB 292-FN- FISCAL NOTE

AS AMENDED BY THE HOUSE (AMENDMENT #2019-0074h)

 

AN ACT relative to including brokers fees in the calculation of the insurance premium tax.

 

FISCAL IMPACT:      [ X ] State              [    ] County               [    ] Local              [    ] None

 

 

 

Estimated Increase / (Decrease)

STATE:

FY 2020

FY 2021

FY 2022

FY 2023

   Appropriation

$0

$0

$0

$0

   Revenue

Indeterminable Increase

Indeterminable Increase

Indeterminable Increase

Indeterminable Increase

   Expenditures

$0

$0

$0

$0

Funding Source:

  [ X ] General            [    ] Education            [    ] Highway           [    ] Other

 

 

 

 

 

METHODOLOGY:

This bill would include brokers fees in the calculation of the insurance premium tax.  The Insurance Department indicates the bill would increase premium tax revenue by an indeterminable amount in FY 2020 and each year thereafter.  The Department does not currently have the data necessary to estimate how much additional revenue would result from this bill.

 

AGENCIES CONTACTED:

Insurance Department

 

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