CHAPTER 13
HB 507-FN – FINAL VERSION
06Jan2010… 2009-2410h
24Mar2010… 0915h
2010 SESSION
01/04
HOUSE BILL 507-FN
AN ACT relative to taxes, fees, and credits under the insurance laws.
COMMITTEE: Commerce and Consumer Affairs
This bill increases and adjusts certain insurance fees and taxes.
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
06Jan2010… 2009-2410h
24Mar2010… 0915h
09-0728
01/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Ten
AN ACT relative to taxes, fees, and credits under the insurance laws.
Be it Enacted by the Senate and House of Representatives in General Court convened:
13:1 Insurance; Fees Increased. Amend RSA 400-A:29, I and II to read as follows:
I. Certificate of authority.
(a) Application [$300] $1,000
(b) Initial certificate $100
(c) Annual renewal $100
(d) Reinstatement $ 50
(e) Amendment $ 25
II. Charter documents (other than those filed or transmitted with application for certificate of authority)
(a) For filing or transmitting articles of amendment, domestic companies [$ 10] $25
(b) For filing or transmitting a copy of amendment to the articles of incorporation of a foreign or alien company, [$10] $35. If the amendment is filed or transmitted more than 60 days after the same has become effective in the home state, the corporation shall pay to the commissioner a penalty of [$25] $50.
13:2 Insurance; Continuing Education Fees. Amend RSA 400-A:29-a to read as follows:
400-A:29-a Fees for Continuing Education Course Submissions; Special Fund Established.
I. The commissioner may impose and collect reasonable application fees in amounts to be determined by the commissioner from sponsoring organizations for submissions of continuing education courses to meet educational requirements established by rule for [agents, brokers] producers, consultants, and [consultants] adjusters.
II. The fees collected by the commissioner under paragraph I shall be forwarded to the state treasurer for deposit in the continuing education advisory council reimbursement fund. Moneys in this fund shall lapse to the general fund at the close of each fiscal year. Moneys from this fund shall be used by the commissioner to pay the expenses of compensating the continuing education advisory [council] councils, within the limits of appropriations made in the operating budget for this purpose.
III. Members of the respective continuing education advisory councils shall be reimbursed for all actual travel.
13:3 Insurance; Premium Tax. Amend RSA 400-A:32, I(a) to read as follows:
I.(a) Every insurer shall pay to the insurance commissioner a tax upon such net premiums, for lines of business written, as set forth in the report filed pursuant to RSA 400-A:31, I, less estimated payments made in accordance with RSA 400-A:32, II, as follows:
(1) Effective July 1, 2007, a tax of 1.75 percent for all lines of business written pursuant to RSA 401:1, I-III and V-VIII, RSA 416-A:2, and RSA 401:1-a, I and II;
(2) Effective January 1, 2009, a tax of 1.50 percent for all lines of business written pursuant to RSA 401:1, I-III and V-VIII, RSA 416-A:2, and RSA 401:1-a, I and II;
(3) Effective January 1, 2010, a tax of 1.25 percent for all lines of business written pursuant to RSA 401:1, I-III and V-VIII, RSA 416-A:2, and RSA 401:1-a, I and II; and
(4) Effective January 1, 2011, a tax of one percent for all lines of business written pursuant to RSA 401:1, I-III and V-VIII, RSA 416-A:2, and RSA 401:1-a, I and II.
(5) A tax of 2 percent for all lines of business written pursuant to RSA 401:1, IV, including, but not limited to, insurers licensed pursuant to RSA 420-A, RSA 420-B, and RSA 420-F.
13:4 Foreign Insurance 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 charged for insurance procured or placed and the gross return premiums on such insurance cancelled 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 [2] 3 percent of such gross premiums less such return premiums reported.
13:5 Title Insurance Code; Laws Applicable. Amend RSA 416-A:18 to read as follows:
416-A:18 Laws Applicable.
I. In addition to the provisions of RSA 416-A, the laws governing insurance companies, except as they are inconsistent with the provisions of RSA 416-A shall apply to the business of title insurance and to title insurance companies.
II. The provisions of RSA 400-A:32 shall be applicable to title insurers.
13:6 Reference Deletion. Amend RSA 400-A:34, I to read as follows:
I. The provisions of RSA 400-A:31[,] and 32 [and 33] shall not apply to mutual insurance companies that operate on an assessment plan and require as a condition for granting insurance the signing of a premium deposit note by the insured, which note is given for the purpose of establishing a limit of liability to assessment, while their total receipts from policyholders is less than $10,000 per year.
13:7 Repeal. The following are repealed:
I. RSA 400-A:31, IV, relative to ocean marine insurance taxation.
II. RSA 400-A:33, relative to a tax on marine underwriting profits.
13:8 Effective Date. This act shall take effect July 1, 2010.
Approved: May 7, 2010
Effective Date: July 1, 2010