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Minutes for SB32 - Committee on Financial Institutions and Insurance
Short Title
Reducing insurance company premium tax rates and discontinuing remittance and crediting of a portion of the premium tax to the insurance department service regulation fund.
Minutes Content for Tue, Feb 4, 2025
Chairperson Dietrich opened the hearing on SB 32. Revisor Eileen Ma briefed the Committee on the bill. (Attachment 3)
Eric Turek of the Department of Insurance testified in favor of the bill. (Attachment 4) He explained that the Department normally charges a premium tax rate of 2% to insurance companies of which they have retained 1%. The Department has determined that there is not a need to retain their 1% portion and at the same time can reduce the tax rate that the insurance companies pay. The rate would be reduced from 2.0% to 1.98% with the total funds received going to the State General Fund. He answered questions from the Committee.
There were no other testimonies and the Chairperson closed the hearing on SB 32.
