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Text: HSB00328                          Text: HSB00330
Text: HSB00300 - HSB00399               Text: HSB Index
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House Study Bill 329

Conference Committee Text

PAG LIN
  1  1    Section 1.  Section 432.1, unnumbered paragraph 1, Code
  1  2 1995, is amended to read as follows:
  1  3    Every insurance company or association of whatever kind or
  1  4 character, not including fraternal beneficiary associations,
  1  5 and nonprofit hospital and medical service corporations,
  1  6 shall, as required by law, pay to the director of the
  1  7 department of revenue and finance, or to a depository
  1  8 designated by the director, as taxes, an amount equal to the
  1  9 following, except that the premium tax applicable to county
  1 10 mutual associations shall be governed by section 518.18:
  1 11    Sec. 2.  Section 432.1, subsection 1, paragraph a, Code
  1 12 1995, is amended to read as follows:
  1 13    a.  Two percent of the gross amount of premiums received
  1 14 during the preceding calendar year by every life insurance
  1 15 company or association, not including fraternal beneficiary
  1 16 associations, or the gross payments or deposits collected from
  1 17 holders of fraternal beneficiary association certificates, on
  1 18 contracts of insurance covering risks resident in this state
  1 19 during the preceding year, including contracts for group
  1 20 insurance and annuities and without including or deducting any
  1 21 amounts received or paid for reinsurance.  
  1 22                           EXPLANATION
  1 23    Presently fraternal beneficiary associations are exempt
  1 24 from the gross premiums tax paid by insurance companies on
  1 25 premiums collected under insurance contracts.  The bill
  1 26 eliminates this exemption and imposes the 2 percent tax on the
  1 27 gross payments or deposits collected from holders of fraternal
  1 28 beneficiary association certificates.  
  1 29 LSB 2635YC 76
  1 30 mg/sc/14
     
Text: HSB00328                          Text: HSB00330
Text: HSB00300 - HSB00399               Text: HSB Index
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