Bill Details - HB292 (2019)

HB 292-FN - AS AMENDED BY THE HOUSE

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.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

 

Docket

Date Status
Jan. 2, 2019 Introduced 01/02/2019 and referred to Commerce and Consumer Affairs HJ 2 P. 44
Jan. 10, 2019 Public Hearing: 01/10/2019 11:00 am LOB302
Jan. 22, 2019 Subcommittee Work Session: 01/22/2019 11:00 am LOB 302
Jan. 22, 2019 ==RECESSED== Executive Session: 01/22/2019 01:30 pm LOB 302
Feb. 6, 2019 Subcommittee Work Session: 02/06/2019 09:30 am LOB 104
Feb. 6, 2019 ==CONTINUED== Executive Session: 02/06/2019 02:00 pm LOB 302
Committee Report: Ought to Pass with Amendment # 2019-0074h (Vote 14-4; RC)
Feb. 27, 2019 Committee Report: Ought to Pass with Amendment # 2019-0074h for 02/27/2019 (Vote 14-4; RC) HC 13 P. 16
Feb. 27, 2019 Amendment # 2019-0074h: AA VV 02/27/2019
Feb. 27, 2019 Ought to Pass with Amendment 2019-0074h: MA VV 02/27/2019
Feb. 27, 2019 Referred to Ways and Means 02/27/2019
March 6, 2019 Public Hearing: 03/06/2019 11:00 am LOB 202
March 18, 2019 Full Committee Work Session: 03/18/2019 01:00 pm LOB 202

Action Dates

Date Body Type
Jan. 10, 2019 House Hearing
Jan. 22, 2019 House Exec Session
Feb. 6, 2019 House Exec Session
House Floor Vote
Feb. 27, 2019 House Floor Vote
March 6, 2019 House Hearing

Bill Text Revisions

HB292 Revision: 4561 Date: Dec. 28, 2018, 10:28 a.m.
HB292 Revision: 5393 Date: March 5, 2019, 3:35 p.m.