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HF 3082

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/22/2023 08:13am

KEY: stricken = removed, old language.
underscored = added, new language.
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Bill Text Versions

Engrossments
Introduction Posted on 03/21/2023

Current Version - as introduced

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A bill for an act
 relating to taxation; insurance; modifying the definition of gross premiums;
amending Minnesota Statutes 2022, section 297I.01, subdivision 9.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2022, section 297I.01, subdivision 9, is amended to read:


Subd. 9.

Gross premiums.

"Gross premiums" means total premiums paid by
policyholders and applicants of policies, whether received in the form of money or other
valuable consideration, on property, persons, lives, interests and other risks located, resident,
or to be performed in this state, but excluding consideration and premiums for reinsurance
assumed from other insurance companies.

(a) "Gross premiums" deleted text begin includesdeleted text end new text begin meansnew text end the deleted text begin total considerationdeleted text end new text begin net amountnew text end paid to bail
bond agents for bail bondsnew text begin after all fees have been paid to bail bond agentsnew text end .new text begin Gross premiums
does not include any amounts retained by bail bond agents.
new text end

(b) For title insurers, "gross premiums" means the charge for title insurance made by a
title insurer or its agents according to the insurer's rate filing approved by the commissioner
of commerce without a deduction for commissions paid to or retained by the agent. Gross
premiums of a title insurer does not include any other charge or fee for abstracting, searching,
or examining the title, or escrow, closing, or other related services.

(c) "Gross premiums" includes any workers' compensation special compensation fund
premium surcharge pursuant to section 176.129.

(d) "Gross premiums" for nonadmitted insurance includes any payment made as
consideration for an insurance contract for such insurance, including premium deposits,
assessments, fees, and any other compensation given in consideration for a contract of
insurance. Gross premiums does not include the stamping fee, as provided under section
60A.2085, subdivision 7, nor the operating assessment, as provided under section 60A.208,
subdivision 8.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for policies that go into effect after June
30, 2023.
 new text end