Bill > S0310

This bill amends Florida law to revise how insurance premiums are taxed, specifically by exempting any portion of a title insurance premium that is kept by a title insurance agent or agency from the premium tax, which is a tax levied on insurance companies based on the premiums they collect. Additionally, the bill clarifies that the tax will not apply to annuity premiums paid by individuals in Florida if the resulting tax savings are passed on to those annuity holders, and it requires insurers to provide proof of these savings to the Department of Revenue upon request. The bill also modifies the definition of "premium" for title insurance to exclude commissions paid to agents, ensuring that these commissions are not subject to the premium tax.