SF 3880

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/10/2022 09:33am

A bill for an act
relating to taxation; insurance; modifying taxation of premiums paid to nonadmitted
captive insurance companies; amending Minnesota Statutes 2020, section 297I.01,
subdivision 10e, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2020, section 297I.01, is amended by adding a subdivision
to read:

new text begin Subd. 2a. new text end

new text begin Captive insurance company. new text end

new text begin "Captive insurance company" has the meaning
provided in section 290.01, subdivision 5c, paragraph (a).
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment and
applies retroactively to captive insurance company premiums paid after July 21, 2011.
new text end

Sec. 2.

Minnesota Statutes 2020, section 297I.01, subdivision 10e, is amended to read:

Subd. 10e.

Nonadmitted insurer.

"Nonadmitted insurer" means an insurer not licensed
to engage in the business of insurance in Minnesota, but does not include new text begin :
new text end

new text begin (1) new text end a risk retention group as the term is defined in section 2(a)(4) of the Liability Risk
Retention Act of 1986, United States Code, title 15, section 3901(a)(4) new text begin ; or
new text end

new text begin (2) a captive insurance company new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment and
applies retroactively to captive insurance company premiums paid after July 21, 2011.
new text end